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FL S1316
Bill
AI Summary
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Renames chapter 726 from "Fraudulent Transfers" to "Voidable Transactions" and updates statutory language accordingly throughout the chapter.
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Shifts burden of proof to debtors to demonstrate non-insolvency when they are generally not paying debts as they become due, except for bona fide disputes.
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Removes the partnership-specific insolvency provision and imposes creditor burden to prove all elements of claims for relief by preponderance of evidence under voidable transfer sections.
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Adds new definitions including "claims law," "electronic," "organization," "record," and "sign," and expands the definition of "person" to include additional entity types like limited liability companies and statutory trusts.
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Creates new sections addressing governing law for voidable transaction claims based on debtor's physical location, application to series organizations and protected series, and clarifies the chapter's relationship to federal electronic signature laws.
Legislative Description
Uniform Voidable Transactions Act
Last Action
Died on Calendar
3/10/2018