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Me. Rev. Stat. tit. 14, § 3576

Transfers fraudulent as to present creditors

Known as the Uniform Fraudulent Transfer Act

The act spans §§ 3571–3582 (12 sections).

Applied in 1 court decision — leading case Howison v. Milo Enterprises, Inc. (2013)

Most recently applied in Howison v. Milo Enterprises, Inc. (August 2013)

PL 1985, c. 641, §3 (NEW).

1. Transfers without receipt of reasonably equivalent value. A transfer made or obligation incurred by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange for the transfer or obligation and the debtor was insolvent at that time or the debtor became insolvent as a result of the transfer or obligation.

2. Transfer to insider. A transfer made by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made if the transfer was made to an insider for an antecedent debt, the debtor was insolvent at that time and the insider had reasonable cause to believe that the debtor was insolvent.

Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.