SB 0598 Summary

• Amends the Uniform Fraudulent Transfer Act to define "qualified disposition" by reference to the Qualified Dispositions in Trust Act and establish special statute of limitations rules for such transfers.

• Modifies fraudulent transfer standards so that qualified dispositions are fraudulent as to creditors whose claims arose after the disposition only if made with actual intent to hinder, delay, or defraud creditors, eliminating the constructive fraud basis.

• Changes statute of limitations for actions regarding qualified dispositions to follow timelines specified in the Qualified Dispositions in Trust Act rather than the standard 4 or 6-year periods under the Revised Judicature Act.

• Takes effect only if Senate Bill 597 of the 98th Legislature is enacted into law (tie-bar provision).