News & Analysis as of

Uniform Voidable Transactions Act (UVTA)

Charles E. Rounds, Jr. - Suffolk University...

Creating a nonvoidable domestic asset protection trust (DAPT) that has multijurisdictional contacts: The state and federal...

Creating a domestic asset protection trust (DAPT) that both has multijurisdictional contacts and is nonvoidable in whole or in part is easier said than done. There are the state conflict-of-laws issues, a few of which I...more

Charles E. Rounds, Jr. - Suffolk University...

Uniform Trust Code (UTC) and Uniform Voidable Transactions Act (UVTA) could be better coordinated in the Domestic Asset...

In a Sept. 11, 2023 JDSUPRA posting I questioned the doctrinal and practical utility of partial legislative codifications of equity’s principles-based jurisprudence, such as the UTC, the very institution of the trust being a...more

Holland & Knight LLP

A Fraudulent Transfer Suit May Commence More Than 4 Years After the Transfer Under CUVTA

Holland & Knight LLP on

In its 1997 decision Cortez v. Vogt, the California Court of Appeal ruled that the limitations period during which an action to avoid a fraudulent or voidable transfer begins to run either on the date of the transfer or on...more

J.S. Held

Analysis of Fraudulent Conveyance Actions

J.S. Held on

Disputes over allegedly fraudulent conveyances have become more common in bankruptcy cases. Fraudulent transfer allegations are also common in transactions such as leveraged buy-outs and recapitalizations. Analysts are...more

Tarter Krinsky & Drogin LLP

New York Replaces Its Fraudulent Conveyance Law With the Uniform Voidable Transactions Act

Understandably lost in the shuffle amidst the myriad of new laws and regulations resulting from the COVID-19 pandemic is New York's new Uniform Voidable Transactions Act (UVTA). Signed by Governor Andrew Cuomo on December 6,...more

Robinson+Cole Construction Law Zone

Will Claims Against Closely-Held Condominium Developers Be Thwarted by New York’s Newly-Adopted Uniform Voidable Transactions...

Property development companies regularly create single-purpose entities (SPE) to acquire new real estate for development, construction or renovations....more

Patterson Belknap Webb & Tyler LLP

New York Amends Its Fraudulent Conveyance Law by Enacting the Uniform Voidable Transactions Act

Last month, New York enacted the Uniform Voidable Transactions Act (“UVTA”), which seeks to modernize the state’s fraudulent conveyance law. ...more

Kilpatrick

New York Uniform Voidable Transactions Act

Kilpatrick on

On December 6, 2019, the governor of New York signed into law the New York Uniform Voidable Transactions Act (“NYUVTA”). N.Y. DEBT. & CRED. §§ 270-281. Until the occurrence of that event, New York had adhered for 95 years to...more

Patterson Belknap Webb & Tyler LLP

500 Years and Counting: 16th Century Legal Principles Resonate in Modern Fraudulent Transfer Jurisprudence

Anglo-American legislators and judges have been dealing with the treatment of debtors’ transactions that adversely affect their creditors at least since the Sixteenth Century. In 1571, Parliament enacted the famous statute...more

Haight Brown & Bonesteel LLP

Policyholder’s Release of Bad Faith Failure to Settle Claim Held Voidable as a Fraudulent Conveyance

In Potter v. Alliance United Ins. Co. (No. B287614; filed 7/23/19), a California appeals court held that an insolvent policyholder’s judgment creditor could void a release of bad faith claims given by the policyholder to his...more

Ervin Cohen & Jessup LLP

In a Ponzi Scheme Are Referral and Broker Fees Recoverable?

Q: I am a receiver in a Ponzi scheme case. While I know I can sue to recover excess payments made to investors in the scheme, the false profit they were paid, per Donell v. Kowell, 533 F3d 762 (9th Cir. 2008), in my case...more

Allen Matkins

Like Marley's Ghost, Court Forges Chain Of Liability Link By Link To Hold Nevada Director Liable For California Corporation's Debt

Allen Matkins on

The Nevada legislature has gone a long way to insulate directors of Nevada corporations from liability. Directors, however, are not entirely immune as was recently illustrated in Judge Barry Ted Moskowitz' recent ruling in...more

Allen Matkins

Court Finds No Privilege For Fraternal Execution

Allen Matkins on

No, this wasn't a case of Cain and Abel or Romulus and Remus, but it did involve brothers and an execution of sorts. The protaganists in Chen v. Berenjian, 2019 Cal. App. LEXIS 275 were Chen and the brothers Berenjian (Shazad...more

Allen Matkins

Ninth Circuit Decides Issue of First Impression Regarding Referral Fees Paid from a Ponzi Scheme

Allen Matkins on

The Ninth Circuit recently issued an unpublished decision in Hoffman v. Markowitz, Case No. 17-56290 (C.D. Cal., Dec. 24, 2018), holding that referral fees paid from a Ponzi scheme are subject to avoidance under the...more

Balch & Bingham LLP

Alabama Court of Civil Appeals Clarifies The Requirements (and limitations periods) for Fraudulent Transfer Action

Balch & Bingham LLP on

The Alabama Civil Court of Appeals recently issued a decision, International Management Group, Inc. v. Bryant Bank, No. 2170744, which, among other things, limits the potential for summary judgment in fraudulent transfer...more

Balch & Bingham LLP

Uniform Voidable Transactions Act Comes to Alabama

Balch & Bingham LLP on

Alabama has joined approximately 17 other states in adopting the Uniform Voidable Transactions Act (the “VTA”) to replace the Uniform Fraudulent Transfer Act (the “FTA”). The VTA will govern transactions occurring on or after...more

Balch & Bingham LLP

Alabama Adopts the Uniform Voidable Transactions Act

Balch & Bingham LLP on

In the 2018 session, the Alabama Legislature adopted its version of the Uniform Voidable Transactions Act (the “VTA”) promulgated by the National Conference of Commissioners on Uniform State Laws (the “Commission”). Alabama...more

Allen Matkins

Court of Appeal Defines Good Faith Defense Under The UFTA

Allen Matkins on

In 2015, the California legislature refurbished the Uniform Fraudulent Transfer Act and rechristened it as the Uniform Voidable Transactions Act. 2015 Cal. Stats. Ch. 44 (SB 161 (Vidak)). The UFTA has not left the stage...more

Snell & Wilmer

Utah Enacts Uniform Voidable Transactions Act

Snell & Wilmer on

On March 21, 2017, Utah joined about a dozen other states in enacting the Uniform Voidable Transactions Act (the Act). This statute, which is found at §25-6-101 et seq., amends Utah’s Uniform Fraudulent Transfer Act (§25-6-1...more

Ward and Smith, P.A.

North Carolina Court Clarifies Deadlines to Set Aside Fraudulent Conveyances

Ward and Smith, P.A. on

Recently, the North Carolina Court of Appeals, in the case of KB Aircraft Acquisition, LLC v. Berry, et al., clarified the time limit for bringing claims under the North Carolina Uniform Voidable Transactions Act (“UVTA”). ...more

Ervin Cohen & Jessup LLP

Unauthorized Transfers of Receivership Property: Void, Voidable or Ok?

Question: Unauthorized Transfers of Receivership Property: Void, Voidable or Ok? Answer: In a recent unpublished bankruptcy appellate panel decision (In Re Domum Locis, LLC, 2015 WL 4697747 (9th Cir. BAP 2015)), the BAP...more

Allen Matkins

Why Delaware Corporations Should Worry About California Law When Making Dividends

Allen Matkins on

When paying a dividend to shareholders, California corporations are subject to Chapter 5 of the California Corporations Code. Corporations incorporated in Delaware and other states may also be subject to Chapter 5 if they...more

Orrick, Herrington & Sutcliffe LLP

Distressed Download - October 2015

Recent EU Insolvency Regulation - The EC Regulations on Insolvency Proceedings (the "EIR") came into force throughout the European Union (the "EU") (except Denmark) on May 31, 2002 with the purpose of setting out the...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

CFTC Announces Proposal to Amend the Definition of "Material Terms" - On September 10, the U.S. Commodity Futures Trading Commission Division announced that it will publish in the Federal Register a proposed amendment to...more

Farella Braun + Martel LLP

California’s New Voidable Transactions Act

California’s recently enacted Uniform Voidable Transactions Act (UVTA), makes it easier for creditors to recover assets that are transferred to third parties when a debtor is insolvent, even when there is no improper intent...more

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