New York Adopts the Uniform Voidable Transactions Act

On April 4, 2020, the State of New York will join ranks with the vast majority of other states implementing a version of the Uniform Voidable Transactions Act (the “UVTA”). Only Maryland continues to apply the Uniform Fraudulent Conveyance Act (the “UFCA”), a law with its origins as early as 1918. A handful of other states that did not adopt the UFCA instead retain their varied, state-specific transfer laws. The uniform legislation was first promulgated in 1984 as an amendment to the UFCA, referred to as the Uniform Fraudulent Transfer Act (“UFTA”). It was later modified and renamed in 2014. Since its origins, the UVTA was intended to serve as a uniform state statute, more consistent with Federal bankruptcy law then the UFCA. New York’s new law is codified as a replacement to Article 10 of the Debtor & Creditor Law §§ 270-281 (“NY UVTA”). Continue reading “New York Adopts the Uniform Voidable Transactions Act”