News Flash Re: Fraudulent Transfer Law in New York

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In our November 13 post entitled “500 Years and Counting: 16th Century Legal Principles Resonate in Modern Fraudulent Transfer Jurisprudence,” note 4 states in part:

On May 8, 2019, the New York Legislature enacted the [Uniform Voidable Transactions Act] to replace Article 10 of the [Debtor Creditor Law, codifying the Uniform Fraudulent Conveyance Act enacted in 1925], but, as of the writing of this blog post, it still awaits the signature of Gov. Andrew Cuomo.

Gov. Cuomo signed the UVTA on December 6. It becomes effective in 120 days, which, by my calculation, is April 4, 2020.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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