As used in this chapter: (1) “Affiliate” means a person who directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities; (i) as a fiduciary or agent without sole discretionary power to vote the […]
(a) A debtor is insolvent if the sum of the debtor’s debts is greater than all of the debtor’s assets, at a fair valuation. (b) A debtor who is generally not paying debts as they become due is presumed to be insolvent. (c) A partnership is insolvent under subsection (a) if the sum of the […]
(a) Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is secured or satisfied, but value does not include an unperformed promise made otherwise than in the ordinary course of the promisor’s business to furnish support to the debtor or […]
(a) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor, whether the creditor’s claim arose before or after the transfer was made or the obligation was incurred, if the debtor made the transfer or incurred the obligation: (1) with actual intent to hinder, delay, or defraud any creditor of […]
(a) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange for the transfer or obligation and the debtor […]
For the purposes of this chapter: (1) a transfer is made: (A) with respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good-faith purchaser of […]
(a) In an action for relief against a transfer or obligation under this chapter a creditor, subject to the limitations in section 178, may obtain: (1) avoidance of the transfer or obligation to the extent necessary to satisfy the creditor’s claim; (2) an attachment or other provisional remedy against the asset transferred or other property […]
(a) A transfer or obligation is not voidable under section 174(a)(1) against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee. (b) Except as otherwise provided in this section, to the extent a transfer is voidable in an action by a creditor under section […]
A cause of action with respect to a fraudulent transfer or obligation under this chapter is extinguished unless action is brought: (a) under section 174(a)(1), within four years after the transfer was made or the obligation was incurred or, if later, within one year after the transfer or obligation was or could reasonably have been […]
Unless displaced by this chapter, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppels, laces, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validating or invalidating cause, supplement its provisions.
This chapter must be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.
This chapter may be cited as “The Virgin Islands Uniform Fraudulent Conveyances Act”.
