IL HB0030

Renames the Uniform Fraudulent Transfer Act to the Uniform Voidable Transactions Act, implementing 2014 updates recommended by the National Conference of Commissioners on Uniform State Laws

Adds new definitions for "electronic," "organization," "record," and "sign" to modernize the Act and clarify its application to electronic transactions

Establishes that creditors bringing claims must prove elements by a preponderance of the evidence, and clarifies burden of proof rules for defenses, liability, and protection of transferees

Removes special partnership insolvency calculation that previously added general partners' excess nonpartnership assets; a debtor is now presumed insolvent if not paying debts as they become due (excluding bona fide disputes)

Creates new governing law provisions based on debtor location and establishes that series organizations and their protected series are treated as separate persons under the Act