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CT SB01021
Bill
Status
Passed
6/13/2017
Primary Sponsor
Judiciary Committee
Click for details
AI Summary
- Revises Connecticut's Uniform Fraudulent Transfer Act effective October 1, 2017
- Protects good-faith transferees who gave reasonably equivalent value from fraudulent transfer liability
- Allows creditors to recover the lesser of the transferred asset's value or the amount needed to satisfy their claim, with judgment against the initial or subsequent transferees (except good-faith transferees who took for value)
- Exempts transfers made by parents or guardians to institutions of higher education for a minor or adult child's undergraduate education from fraudulent transfer claims
- Exempts certain transfers by insiders from fraudulent transfer liability if made in ordinary business course, to rehabilitate the debtor, or when the insider provided new value after the transfer
Legislative Description
An Act Revising The Uniform Fraudulent Transfer Act.
Last Action
Signed by the Governor
6/13/2017
Committee Referrals
Judiciary3/14/2017
Full Bill Text
No bill text available