The 2014 Amendments to the Uniform Fraudulent Transfer Act: Preparing for the New Rules

Navigating New Rules for Choice of Law, Burdens of Proof, Reasonably Equivalent Value and More

Recording of a 90-minute CLE webinar with Q&A


Conducted on Tuesday, December 9, 2014

Recorded event now available

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Program Materials

This CLE webinar will discuss the newly approved 2014 amendments to the Uniform Fraudulent Transfer Act, which the amendments renamed the Uniform Voidable Transfer Act. The webinar will cover the problems or obstacles practitioners experience under the current law that necessitated the amendments and how the amendments will affect the law of voidable transfers.

Description

The Act is widely used by commercial and other creditors in and outside of bankruptcy. The Uniform Law Commission approved the 2014 amendments in July 2014, which are the first amendments to the Act since it was promulgated 30 years ago.

Key amendments include choice of law for voidable transfers, burdens and standards of proof, clarification of who receives “reasonably equivalent value” under Section 8(a), and defenses available to a transferee or obligee.

The amendments also make the Act more consistent with uniform acts governing unincorporated business organizations, particularly regarding the definition of insolvency applicable to a partnership. The amendments eliminate the current practice of counting net assets of a general partner as assets of the partnership.

Listen as our authoritative panel of attorneys, members of the drafting committee that prepared the amendments, explains the amendments and their impact on current financial transactions and the law of voidable transfers.

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Outline

  1. Choice of law
  2. Evidentiary matters
  3. Defenses available to a transferee or obligee
  4. Determining “insolvency” for partnerships
  5. New section pertaining to series organizations

Benefits

The panel will review these and other key issues:

  • What is the uniform choice of law rule created by the amendments?
  • How do the amendments refine the allocation of burden of proof and define the standard of proof with respect to claims and defenses under the Act?
  • How do the amendments achieve consistency of the UVTA with uniform acts governing unincorporated business organizations?
  • What is the significance of the change in the name of the Act?

Faculty

Professor Kenneth C. Kettering
Professor Kenneth C. Kettering
Visiting Professor at Large

Professor Kettering studies the forces that shape commercial and financial law. He practiced for 20 years with Reed...  |  Read More

Smith, Edwin
Edwin E. Smith

Partner
Morgan Lewis & Bockius LLP

Mr. Smith focuses his practice in general corporate and commercial law, debt financings, structured financings,...  |  Read More

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