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NEW UNIFORM LAW RECOGNIZES SUBSTANTIVE DIFFERENCES BETWEEN FRAUD AND A FRAUDULENT TRANSFER

On July 16, 2014, the Uniform Law Commission adopted the Uniform Voidable Transactions Act of 2014 (the “UVTA”), which is designed to replace the Uniform Fraudulent Transfers Act (the “Act”), a uniform body of “fraudulent transfer law” available for revision and enactment on a state-by-state basis.

The substantive revisions made by the UTVA to the Act are important but relatively few.  Among the more relevant revisions are: (i) a change in the title and body of the Act from “fraudulent” to “voidable;” (ii) a change in the title and body of the Act from “transfers” to “transactions;” and (iii) a change of the term “fraudulent” in the body of the Act to “voidable.”  The UTVA thus recognizes the substantive legal differences between a fraud on the one hand, and a fraudulent transfer on the other hand.

These wording changes are key and will hopefully serve to clarify that the purpose of the Act is remedial in nature, to provide a remedy for claimants and creditors prejudiced by a “voidable transaction,” as opposed to providing a basis for a fraud claim against a debtor/transferor. 

-Barry Engel

 

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Barry S. Engel
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