SB152 Summary

• Adopts the Alabama Uniform Voidable Transactions Act to replace the Uniform Fraudulent Transfers Act (UFTA) for transactions occurring after January 1, 2019.

• Establishes procedures allowing creditors to reach assets a debtor has transferred to another person to prevent the assets from being used to settle a debt.

• Creates voidable transfer standards including transfers made with actual intent to defraud or without reasonably equivalent value when the debtor was insolvent or engaged in undercapitalized business activities.

• Sets specific statute of limitations for creditor claims ranging from one to ten years depending on the type of transfer and timing of the creditor's claim.

• Effective January 1, 2019, with the prior UFTA (Sections 8-9A-1 to 8-9A-12) remaining applicable to transfers made before that date.