14 §3571. Short title

§3571. Short title This chapter may be cited as the Uniform Fraudulent Transfer Act.   [PL 1985, c. 641, §3 (NEW).] SECTION HISTORY PL 1985, c. 641, §3 (NEW).

14 §3572. Definitions

§3572. Definitions As used in this Act, unless the context otherwise indicates, the following terms have the following meanings.   [PL 1985, c. 641, §3 (NEW).] 1.  Affiliate.  “Affiliate” means:   A. A person who directly or indirectly owns, controls or holds with power to vote, 20% or more of the outstanding voting securities of […]

14 §3573. Insolvency

§3573. Insolvency 1.  Debts greater than assets.  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.   [PL 1985, c. 641, §3 (NEW).] 2.  Presumption of insolvency.  A debtor who is generally not paying his debts as they become due is […]

14 §3574. Value

§3574. Value 1.  Value defined.  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 […]

14 §3575. Transfers fraudulent as to present and future creditors

§3575. Transfers fraudulent as to present and future creditors 1.  Fraudulent transfer.  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:   […]

14 §3576. Transfers fraudulent as to present creditors

§3576. Transfers fraudulent as to present creditors 1.  Transfers without receipt of reasonably equivalent value.  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 […]

14 §3577. When transfer is made or obligation is incurred

§3577. When transfer is made or obligation is incurred For the purposes of this Act:   [PL 1985, c. 641, §3 (NEW).] 1.  Perfection of transfer.  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 […]

14 §3578. Remedies of creditors

§3578. Remedies of creditors 1.  Action for relief.  In any action for relief against a transfer or obligation under this Act, a creditor, subject to the limitations provided in section 3579, may obtain:   A. Avoidance of the transfer or obligation to the extent necessary to satisfy the creditor’s claim;   [PL 1985, c. 641, […]

14 §3579. Defenses, liability and protection of transferee

§3579. Defenses, liability and protection of transferee 1.  Transfer or obligation not voidable.  A transfer or obligation is not voidable under section 3575, subsection 1, paragraph A, against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee.   [PL 1985, c. 641, §3 (NEW).] […]

14 §3580. Extinguishment of cause of action

§3580. Extinguishment of cause of action A cause of action with respect to a fraudulent transfer or obligation under this Act is extinguished unless action is brought:   [PL 1985, c. 641, §3 (NEW).] 1.  Intent to defraud.  Under section 3575, subsection 1, paragraph A, within 6 years after the transfer was made or the […]

14 §3581. Supplementary provisions

§3581. Supplementary provisions Unless displaced by the provisions of this Act, 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.   [PL 1985, c. 641, §3 (NEW).] SECTION HISTORY […]

14 §3582. Uniformity of application and construction

§3582. Uniformity of application and construction This Act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this Act among states enacting it.   [PL 1985, c. 641, §3 (NEW).] SECTION HISTORY PL 1985, c. 641, §3 (NEW).