SB252 Summary

• Adopts the Alabama Uniform Voidable Transactions Act, replacing the Uniform Fraudulent Transfers Act (UFTA) for transactions occurring after January 1, 2018.

• Establishes procedures allowing creditors to void transfers made by debtors with actual intent to defraud or without receiving reasonably equivalent value when the debtor was insolvent or became insolvent.

• Provides creditors with remedies including avoidance of transfers, attachment or provisional remedies, injunctions, receiver appointments, and execution on transferred assets or proceeds.

• Sets statute of limitations periods ranging from one to ten years depending on the type of transfer and whether the creditor's claim arose before or after the transfer.

• Effective January 1, 2018, with the prior UFTA (Sections 8-9A-1 to 8-9A-12) continuing to apply only to transfers made before that date.