Bill > H35

This bill proposes to rename the Uniform Fraudulent Transfer Act to the Uniform Voidable Transactions Act and makes several amendments to the existing law, chapter 109A. Key changes include updating the definitions of terms like "affiliate," "asset," "claim," "creditor," "debt," "debtor," "insider," "lien," "organization," "person," "property," "record," "relative," "sign," "transfer," and "valid lien" to reflect modern terminology and concepts, including electronic records and signatures. The bill also clarifies rules regarding insolvency, the burden of proof for creditors seeking to void transactions, and the limitations on actions related to such claims. It introduces provisions for series organizations, which are entities that can create protected series with separate assets and liabilities, treating each as a distinct legal person for the purposes of this chapter. Furthermore, the bill addresses the governing law for claims based on the debtor's location and its relationship with the federal Electronic Signatures in Global and National Commerce Act. These amendments are intended to modernize and clarify the law concerning transactions that may be challenged by creditors, particularly in cases of insolvency or attempts to defraud creditors.