MN SF1084

Excludes contributions made to qualified charitable or religious organizations from Minnesota's fraudulent transfers act, unless the organization had reason to believe the debtor made the contribution to hinder, delay, or defraud creditors.

Organizations cannot accept the charitable contribution exclusion if they had reason to believe the debtor was insolvent or would become insolvent as a result of the contribution.

Organizations cannot accept the charitable contribution exclusion if they had reason to believe the debtor's remaining assets were unreasonably small for their business or transaction, or that the debtor would incur debts beyond their ability to pay.

Defines "qualified charitable or religious organization or entity" as organizations described in United States Code, title 26, section 170(c)(1), (2), or (3).

Effective August 1, 2011, and applies to causes of action arising before, on, or after that date.