HB 979 Summary

• Renames Chapter 726, Florida Statutes from "Fraudulent Transfers" to "Voidable Transactions" and amends the short title accordingly.

• Revises definitions and imposes burden of proving insolvency on debtors, particularly regarding partnerships; removes conditions for partnership insolvency and shifts proof obligations to certain creditors.

• Creates new sections establishing governing law provisions based on debtor location, applicability to series organizations and protected series, relation to federal Electronic Signatures Act, and legislative findings regarding Uniform Law Commission comments.

• Clarifies that creditors bear burden of proving elements of voidable transfer claims by preponderance of evidence and specifies defenses and limitations for transferees, including protections for good faith transferees.

• Takes effect July 1, 2018.