Define: Uniform Fraudulent Transfer Act

The UFTA is a set of laws that aim to prevent individuals and businesses from transferring assets in order to avoid creditors or defraud them.

Transfers made with the intent to hinder, delay, or defraud creditors are considered fraudulent under the UFTA. This includes transfers made without receiving fair value in return.

If a transfer is found to be fraudulent under the UFTA, the creditor may be able to void the transfer and recover the assets. In some cases, the debtor may also face legal consequences.

The UFTA provides creditors with legal recourse to recover assets that were fraudulently transferred by debtors. This helps ensure that creditors are able to collect the debts owed to them.

The statute of limitations for bringing a claim under the UFTA varies by state, but is typically between 4-7 years from the date of the fraudulent transfer.

Yes, a transfer can still be considered fraudulent under the UFTA even if it was made in good faith. The key factor is whether the transfer was made with the intent to hinder, delay, or defraud creditors.

Yes, there are several defences that a debtor may use to defend against a claim of fraudulent transfer, such as lack of intent to defraud or the transfer being made for a legitimate purpose.

Yes, a creditor can still pursue a claim under the UFTA even if the debtor has filed for bankruptcy. However, the process may be different and the creditor may need to seek permission from the bankruptcy court.

Yes, transfers made to family members can be considered fraudulent under the UFTA if they were made with the intent to hinder, delay, or defraud creditors.

To protect yourself from claims of fraudulent transfer, it is important to ensure that all transfers are made for fair value and legitimate purposes. It is also important to keep thorough and accurate records of all financial transactions.