HB 2249 Summary

• Amends Arkansas Code Title 4, Chapter 59, Subchapter 2 to replace the "Fraudulent Transfers" framework with the "Uniform Voidable Transactions Act"

• Changes terminology from "fraudulent transfer" to "voidable transfer" and modifies definitions including updates to "Electronic," "Person," "Record," "Sign," and adds provisions for "Series organizations"

• Extends statute of limitations for certain fraudulent transfer claims from 3 years to 4 years, with additional discovery period of up to 1 year where applicable

• Adds new section 4-59-211 addressing series organizations, treating them and their protected series as separate persons for purposes of this subchapter

• Repeals prior fraudulent transfer statutes (Sections 1-7 of Chapter 65 of 1837 Revised Statutes, Act 99 of 1887, and Act 24 of 1965) and renames the subchapter as the "Uniform Voidable Transactions Act"