Section 8-9B-1 – Short Title.

Section 8-9B-1 Short title. This chapter may be cited as the Alabama Uniform Voidable Transactions Act. (Act 2018-163, §1.)

Section 8-9B-10 – Extinguishment of Claim for Relief.

Section 8-9B-10 Extinguishment of claim for relief. A claim for relief with respect to a transfer under this chapter is extinguished unless action is brought: (a) under Section 8-9B-5(a)(1), within ten years after the transfer of real property was made; (b) under Section 8-9B-5(a)(1), within six years after the transfer of personal property was made; […]

Section 8-9B-11 – Governing Law.

Section 8-9B-11 Governing law. (a) In this section, the following rules determine a debtor’s location: (1) A debtor who is an individual is located at the individual’s principal residence. (2) A debtor that is an organization and has only one place of business is located at its place of business. (3) A debtor that is […]

Section 8-9B-12 – Application to Series Organization.

Section 8-9B-12 Application to series organization. (a) In this section: (1) “Series” means an arrangement, however denominated, created by a series organization that, pursuant to the law under which the series organization is organized, has the characteristics set forth in paragraph (2). (2) “Series organization” means an organization that, pursuant to the law under which […]

Section 8-9B-13 – Supplementary Provisions.

Section 8-9B-13 Supplementary provisions. Unless displaced by the provisions of this chapter, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validating or invalidating cause, supplement its provisions. (Act 2018-163, §1.)

Section 8-9B-14 – Uniformity of Application and Construction.

Section 8-9B-14 Uniformity of application and construction. This chapter shall 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. (Act 2018-163, §1.)

Section 8-9B-15 – Relation to Electronic Signatures in Global and National Commerce Act.

Section 8-9B-15 Relation to electronic Signatures in Global and National Commerce Act. This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit, or supersede Section 101(c) of that act, 15 U.S.C. Section 7001(c), or authorize electronic delivery of any […]

Section 8-9B-16 – Application; Conforming Amendments.

Section 8-9B-16 Application; conforming amendments. This chapter applies to transfers made on or after January 1, 2019, and does not apply to a transfer made before January 1, 2019. The Alabama Uniform Fraudulent Transfer Act, Sections 8-9A-1 to 8-9A-12, inclusive, shall apply to transfers made prior to January 1, 2019, and shall not apply to […]

Section 8-9B-2 – Definitions.

Section 8-9B-2 Definitions. As used in this chapter: (1) “Affiliate” means: (i) a person that 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 that holds the securities: (A) as a fiduciary or agent without sole discretionary […]

Section 8-9B-3 – Insolvency.

Section 8-9B-3 Insolvency. (a) A debtor is insolvent if the sum of the debtor’s debts at a fair valuation is greater than the sum of the debtor’s assets at a fair valuation. (b) A debtor that is generally not paying the debtor’s debts as they become due other than as a result of a bona […]

Section 8-9B-4 – Value.

Section 8-9B-4 Value. (a) Value is given for a transfer if, in exchange for the transfer, 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 another person. […]

Section 8-9B-5 – Transfer Voidable as to Present or Future Creditor.

Section 8-9B-5 Transfer voidable as to present or future creditor. (a) A transfer made by a debtor is voidable as to a creditor, whether the creditor’s claim arose before or after the transfer was made, if the debtor made the transfer: (1) with actual intent to hinder, delay, or defraud any creditor of the debtor; […]

Section 8-9B-6 – Transfer Voidable as to Present Creditor.

Section 8-9B-6 Transfer voidable as to present creditor. (a) A transfer made by a debtor is voidable as to a creditor whose claim arose before the transfer was made if the debtor made the transfer without the debtor receiving a reasonably equivalent value in exchange for the transfer and the debtor was insolvent at that […]

Section 8-9B-7 – When Transfer Is Made.

Section 8-9B-7 When transfer is made. For the purposes of this chapter: (1) a transfer is made: (i) 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 […]

Section 8-9B-8 – Remedies of Creditor.

Section 8-9B-8 Remedies of creditor. (a) In an action for relief against a transfer under this chapter, a creditor, subject to the limitations in Section 8-9B-9, may obtain: (1) avoidance of the transfer to the extent necessary to satisfy the creditor’s claim; (2) an attachment or other provisional remedy against the asset transferred or other […]

Section 8-9B-9 – Defenses, Liability, and Protection of Transferee.

Section 8-9B-9 Defenses, liability, and protection of transferee. (a) A transfer is not voidable under Section 8-9B-5(a)(1) against a person that took in good faith and for a reasonably equivalent value given the debtor or against any subsequent transferee that took in good faith. (b) To the extent a transfer is avoidable in an action […]