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ARTICLE · 09 OCTOBER 2014

Uniform Voidable Transactions Act Approved By Uniform Law Commission To Replace UFTA

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On July 16, 2014, the Uniform Law Commission approved a series of amendments to the Uniform Fraudulent Transfer Act, which is currently in force in 43 states.

United StatesInsolvency/Bankruptcy/Re-Structuring
Mark Douglas
Mark Douglas
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On July 16, 2014, the Uniform Law Commission (the "Commission") approved a series of amendments to the Uniform Fraudulent Transfer Act (the "UFTA"), which is currently in force in 43 states (all states except Alaska, Kentucky, Louisiana, Maryland, New York, South Carolina, and Virginia). The substance of the principal amendments is aptly described in the change of the name of the uniform law from the UFTA to the Uniform Voidable Transactions Act (the "UVTA"), which is intended to: (i) address judicial inconsistency in applying the law; (ii) better harmonize with the Bankruptcy Code and the Uniform Commercial Code (the "UCC"); and (iii) provide litigants with greater certainty in its application.

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