Uniform Voidable Transactions Act

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.