SB 172 Summary

• Enacts the Uniform Voidable Transactions Act (effective July 1, 2015) to establish when creditors can nullify certain asset transfers made by debtors.

• Defines key terms including "asset," "affiliate," "insider," "transfer," "claim," "creditor," "debtor," and "valid lien" in a consolidated definitions section (IC 32-18-2-2).

• Allows creditors to void fraudulent transfers made with actual intent to defraud or transfers made without receiving reasonably equivalent value when the debtor was insolvent or became insolvent.

• Establishes statute of limitations: 4 years from transfer date or 1 year from discovery (whichever is later) for actual fraud claims; 4 years from transfer date for constructive fraud claims.

• Provides exceptions protecting good faith transferees, transfers in ordinary business course, lease terminations, and security interest enforcement under the Uniform Commercial Code.