Uniform Fraudulent Transfer Act

Illinois · Civil Liabilities · §§ 740-160-1 to 740-160-9 · 12 sections

Overview

This act governs transfers of property and obligations incurred by a debtor that place assets beyond the reach of creditors unfairly. It defines when such a transfer or obligation is fraudulent as to creditors — distinguishing claims available to existing creditors from those available to both existing and future creditors — and supplies the supporting standards for insolvency, for what counts as value, and for when a transfer is deemed made or an obligation incurred. It also sets out the remedies a creditor may pursue, the defenses and protections available to a transferee who received the property, and the period after which a claim under the act is extinguished.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

740 ILCS 160/1This Act shall be known and may be cited as the Uniform Fraudulent Transfer Act
740 ILCS 160/10Civil Liabilities › 740 ILCS 160 — Uniform Fraudulent Transfer Act
740 ILCS 160/11Civil Liabilities › 740 ILCS 160 — Uniform Fraudulent Transfer Act
740 ILCS 160/12This Act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this Act among states enacting it
740 ILCS 160/2Civil Liabilities › 740 ILCS 160 — Uniform Fraudulent Transfer Act
740 ILCS 160/3(a) A debtor is insolvent if the sum of the debtor's debts is greater than all of the debtor's assets at a fair valuation
740 ILCS 160/4Civil Liabilities › 740 ILCS 160 — Uniform Fraudulent Transfer Act
740 ILCS 160/5Civil Liabilities › 740 ILCS 160 — Uniform Fraudulent Transfer Act
740 ILCS 160/6Civil Liabilities › 740 ILCS 160 — Uniform Fraudulent Transfer Act
740 ILCS 160/7Civil Liabilities › 740 ILCS 160 — Uniform Fraudulent Transfer Act
740 ILCS 160/8Civil Liabilities › 740 ILCS 160 — Uniform Fraudulent Transfer Act
740 ILCS 160/9(a) A transfer or obligation is not voidable under paragraph (1) of subsection (a) of Section 5 against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee

Enacted in other states

Alabama, Colorado, Connecticut, Delaware, Florida, Massachusetts, Maine, Montana, New Hampshire, Nevada, Oklahoma, South Dakota, Tennessee, Texas, Wyoming

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