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Uniform Voidable Transactions Act Signed Into Law in NY
On Dec. 6, 2019, Gov. Andrew Cuomo signed legislation modernizing New York's 95-year-old fraudulent conveyance law and making it consistent with the U.S. Bankruptcy Code and the law of at least 44 other states. The Uniform Voidable Transactions Act (UVTA) primarily clarifies the rights and remedies of parties involved in transactions with financially distressed entities.
The UVTA replaces New York's current fraudulent conveyance law, Article 10 (§§270-281) of the Debtor and Creditor Law (the UFCA), which was enacted in New York in 1925. The UFCA was outdated and created conflicting and confusing case law that lead to an inordinate amount of expensive litigation, often inuring to the benefit of those who transferred assets in order to put them beyond the reach of creditors. Both the New York City Bar Association and the New York State Bar Association supported New York's adoption of the UVTA.
The new UVTA (§§271-281) provides remedies to creditors injured by a transfer of property or incurrence of an obligation (collectively, a "Transaction") that is: 1) intentionally fraudulent because it was incurred with actual intent to hinder, delay or defraud creditors ("Intentionally Fraudulent"); or 2) constructively fraudulent because it was exchanged for less than a "reasonable equivalent" by a financially distressed debtor ("Constructively Fraudulent").
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