Uniform Voidable Transactions Act

Georgia · Debtor and Creditor · §§ 18-2-1 to 18-2-85 · 44 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 10 court decisions.

Most-cited authority: 381 F.3d 1077 - Chepstow Ltd. v. Hunt

Sections covered

O.C.G.A. § 18-2-1Creation of relationship of debtor and creditor
O.C.G.A. § 18-2-2Compulsory election of remedy least likely to jeopardize rights of other creditors
O.C.G.A. § 18-2-20Rights of creditors to be favored by courts1 cite
O.C.G.A. § 18-2-21Right of creditors to attack judgments, conveyances, or other arrangements interfering with creditors’ rights1 cite
O.C.G.A. § 18-2-22[Reserved] Conveyances by debtors deemed fraudu- lent
O.C.G.A. § 18-2-23[Reserved] Validity of conveyance to innocent subse- quent purchaser
O.C.G.A. § 18-2-24Effect of giving debtor permission to exercise control or use of property as security for any debt
O.C.G.A. § 18-2-25Effect of misrepresentation or private agreement giving preference upon settlement between debtor and creditor
O.C.G.A. § 18-2-3Reaching of equitable assets by creditors
O.C.G.A. § 18-2-40Right of debtor to prefer creditors
O.C.G.A. § 18-2-41Rights of nonmunicipal corporation
O.C.G.A. § 18-2-42Rights of persons and firms
O.C.G.A. § 18-2-43Execution, filing, and recording deeds of assignment
O.C.G.A. § 18-2-45Conveyances; statements as to aggregate amounts
O.C.G.A. § 18-2-46Annexation of affidavit to deed of assignment; contents of affidavit
O.C.G.A. § 18-2-47List of all property of assignor at time of assignment; affidavits of assignor and assignee as to accuracy of list
O.C.G.A. § 18-2-48List to remain on file ten days
O.C.G.A. § 18-2-49Correcting of mistake in list of assets or creditors
O.C.G.A. § 18-2-50Notification of creditors of filing of assignment; notification of actions attacking assignment; sufficient notice
O.C.G.A. § 18-2-51Foreign assignments to conform with Georgia law
O.C.G.A. § 18-2-52Providing and filing of bond by assignee; amount of bond
O.C.G.A. § 18-2-53Duties of assignee generally; payment of preferred debts after filing
O.C.G.A. § 18-2-54Powers and rights of assignee
O.C.G.A. § 18-2-55Nature of actions to set aside assignments generally; priorities and payment to creditors on judgments rendered after filing of complaint to set aside assignment
O.C.G.A. § 18-2-56Parties to actions to set aside assignments
O.C.G.A. § 18-2-57Proof required in rendering an assignment void
O.C.G.A. § 18-2-58Judgment not required before action against assignor or assignee
O.C.G.A. § 18-2-59Appointment of new assignees upon death or removal from jurisdiction of courts of state of sole or surviving assignee
O.C.G.A. § 18-2-70Short title2 cites
O.C.G.A. § 18-2-71Definitions1 cite
O.C.G.A. § 18-2-72Determining insolvency
O.C.G.A. § 18-2-73Value given for transfer
O.C.G.A. § 18-2-74Voidable transfer; determination of actual intent1 cite
O.C.G.A. § 18-2-75Transfer or obligation voidable if incurred without receiving reasonably equivalent value1 cite
O.C.G.A. § 18-2-76When transfer made
O.C.G.A. § 18-2-77Relief for creditor against fraudulent transfer or obli- gation1 cite
O.C.G.A. § 18-2-78Conditions for voidability of transfer or obligation; judgment
O.C.G.A. § 18-2-79Time for commencement of action2 cites
O.C.G.A. § 18-2-80Venue
O.C.G.A. § 18-2-81Series organization and determinations
O.C.G.A. § 18-2-82Applicability of principles of law and equity
O.C.G.A. § 18-2-83Uniformity with laws of other states
O.C.G.A. § 18-2-84Construction with federal provisions
O.C.G.A. § 18-2-85Transfers to charitable organizations; statute of limitations

Enacted in other states

Alabama, Arkansas, California, Iowa, Idaho, Indiana, Kentucky, Minnesota, North Carolina, New Jersey, New Mexico, Oregon, Pennsylvania, Rhode Island, Vermont

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