Report on the Adoption of the Uniform Voidable Transactions Act by The Committee on Commercial and Uniform State Laws and Committee on Bankruptcy and Corporate Reorganization of the New York City Bar Association
May 11, 2017
The New York City Bar Association has reissued its report recommending adoption in New York of the proposed Uniform Voidable Transactions Act (“UVTA”), to replace the current fraudulent transfer act in New York’s Debtor and Creditor Law, http://bit.ly/2pCzNIO. New York is one of only 2 states that has retained a fraudulent transfer law based on the 1918 model act. The UVTA is sponsored by NY State Assembly Member Weinstein and State Senator Bonacic, and identical bills have been introduced in the Senate and Assembly. Alan Kolod is Vice Chair of the City Bar subcommittee that wrote the report supporting adoption of the UVTA.