Uniform Voidable Transactions Act: One Year After the UFTA Amendments

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, January 5, 2016

Recorded event now available

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Program Materials

This CLE webinar will discuss the 2014 amendments to the UFTA, which has been renamed the Uniform Voidable Transactions Act. The webinar will cover the problems or obstacles that the amendments were intended to rectify and how the amendments have impacted the law of voidable transfers.

Description

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

Key amendments include choice of law for voidable transactions, 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 in determining insolvency.

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

Benefits

The panel will review these and other key issues:

  • How have the amendments impacted the choice of law for voidable transfers?
  • What is the allocation of burden of proof and standard of proof with respect to claims and defenses under the Act?
  • How do the amendments address unincorporated business organizations?
  • What is the significance of the change in the name of the Act?

Faculty

Smith, Edwin
Edwin E. Smith
Partner
Morgan, Lewis & Bockius

Mr. Smith concentrates his practice in commercial law, debt financings, structured financings, workouts, bankruptcies,...  |  Read More

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

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