Uniform Voidable Transactions Act
Arkansas · Business and Commercial Law · §§ 4-59-101 to 4-59-503 · 34 sections
Overview
The act governs the relationship between debtors and their creditors and the circumstances in which a transfer of property or an obligation incurred by a debtor can be undone because it unfairly interferes with a creditor's ability to collect. It supplies the operative definitions and tests — what counts as value, when a debtor is insolvent, when a transfer is treated as made, and when actual intent to defraud or the absence of reasonably equivalent value renders a transfer voidable — and it specifies the relief available to a creditor, the conditions under which a judgment may be entered against a transferee, the deadline for bringing an action, and where suit may be filed. It also regulates assignments a debtor makes for the benefit of creditors, requiring that the deed of assignment be executed, filed, and recorded together with sworn statements and a list of the assignor's property and creditors, that the assignee post bond and then administer and distribute the estate, and it sets out who may sue to set an assignment aside, what must be proved, and how creditors are notified and paid.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 117 court decisions.
Most-cited authority: 326 Ark. 736 - Van Dyke v. Glover
Sections covered
- Ark. Code Ann. § 4-59-101Contracts, agreements, or promises required to be in writing — Definitions38 cites
- Ark. Code Ann. § 4-59-102Leases, estates, etc2 cites
- Ark. Code Ann. § 4-59-103Trusts or confidences3 cites
- Ark. Code Ann. § 4-59-201Definitions14 cites
- Ark. Code Ann. § 4-59-202Insolvency1 cite
- Ark. Code Ann. § 4-59-203Value4 cites
- Ark. Code Ann. § 4-59-204Transfer or obligation voidable as to present or future creditor26 cites
- Ark. Code Ann. § 4-59-205Transfer or obligation voidable as to present creditor5 cites
- Ark. Code Ann. § 4-59-206When transfer is made or obligation is incurred3 cites
- Ark. Code Ann. § 4-59-207Remedies of creditor6 cites
- Ark. Code Ann. § 4-59-208Defenses, liability, and protection of transferee or obligee6 cites
- Ark. Code Ann. § 4-59-209Extinguishment of claim for relief8 cites
- Ark. Code Ann. § 4-59-210Governing law1 cite
- Ark. Code Ann. § 4-59-211Application to series organization
- Ark. Code Ann. § 4-59-212Supplementary provisions
- Ark. Code Ann. § 4-59-213Uniformity of application and construction
- Ark. Code Ann. § 4-59-214Relation to Electronic Signatures in Global and National Commerce Act
- Ark. Code Ann. § 4-59-215Short title
- Ark. Code Ann. § 4-59-301Issuance of bill for goods not received
- Ark. Code Ann. § 4-59-302Issuance of bill containing false statement
- Ark. Code Ann. § 4-59-303Issuance of duplicate bills not so marked
- Ark. Code Ann. § 4-59-304Issuance of nonnegotiable bill not so marked
- Ark. Code Ann. § 4-59-305Inducing carrier to issue bill when goods have not been received
- Ark. Code Ann. § 4-59-306Negotiation of bill for unowned or mortgaged goods
- Ark. Code Ann. § 4-59-307Negotiation of bill when goods are not in carrier's possession
- Ark. Code Ann. § 4-59-401Issuance of receipt for goods not received or controlled
- Ark. Code Ann. § 4-59-402Fraudulent issuance of receipt containing false statement
- Ark. Code Ann. § 4-59-403Issuance of duplicate receipt not so marked
- Ark. Code Ann. § 4-59-404Issuance of receipt for goods owned by warehouseman without statement of ownership
- Ark. Code Ann. § 4-59-405Delivering goods without obtaining negotiable receipt
- Ark. Code Ann. § 4-59-406Negotiation of receipt by depositor of encumbered or another's goods without disclosing facts
- Ark. Code Ann. § 4-59-501Definitions
- Ark. Code Ann. § 4-59-502Remission to acquirer of record of sale not made by remitter
- Ark. Code Ann. § 4-59-503Solicitation of merchant to remit record of sale not made by merchant
Enacted in other states
Alabama, California, Georgia, Iowa, Idaho, Indiana, Kentucky, Minnesota, North Carolina, New Jersey, New Mexico, Oregon, Pennsylvania, Rhode Island, Vermont
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