Posted: | February 2, 2017 04:29 PM |
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From: | Senator Guy Reschenthaler |
To: | All Senate members |
Subject: | Uniform Voidable Transactions Act |
In the near future, I will be introducing legislation to amend Pennsylvania law on fraudulent transfers. The uniform act will be known as the Uniform Voidable Transactions Act. Fraudulent transfer law limits a person’s ability to deal with their property vis à vis its creditors and implements the saying that a debtor must be just before being generous. In other words, before a person gives property away, that person should pay its existing creditors. This legislation amends the Pennsylvania Uniform Fraudulent Transfer Act (PUFTA), 12 Pa. C.S. § 5101 et seq. and is based on a set of amendments to the Uniform Fraudulent Transfer Act promulgated by the Uniform Law Commission in 2014. My legislation will:
Please contact my office with any questions at 717-787-5839. |
Introduced as SB629