Define: UFTA

UFTA stands for the Uniform Fraudulent Transfer Act.

The purpose of UFTA is to prevent fraudulent transfers of assets that are made to defraud creditors.

A fraudulent transfer under UFTA is a transfer of property or assets made with the intent to hinder, delay, or defraud creditors.

Yes, UFTA allows for a transfer to be considered fraudulent if it was made without receiving reasonably equivalent value and the debtor was insolvent at the time or became insolvent as a result of the transfer.

UFTA provides various remedies for creditors, including avoidance of the fraudulent transfer, recovery of the transferred property, attachment or injunction against the property, and imposition of a lien on the property.

Yes, UFTA allows a creditor to recover from a third party who received the fraudulent transfer in good faith if the third party did not provide reasonably equivalent value for the transfer.

The statute of limitations for bringing a claim under UFTA varies by jurisdiction, but it is typically between four to six years from the date of the fraudulent transfer.

Yes, UFTA can be used to recover assets transferred offshore if the transfer was made with the intent to defraud creditors.

Yes, UFTA can be used in bankruptcy cases to recover fraudulent transfers made by the debtor prior to filing for bankruptcy.

Yes, there are several defences available to a debtor against a UFTA claim, including the lack of intent to defraud creditors, the transfer being made for a reasonably equivalent value, or the transfer being made in the ordinary course of business.