Illinois HB0030 amends the Uniform Fraudulent Transfer Act, renaming it the Uniform Voidable Transactions Fraudulent Transfer Act and updating.
Illinois HB0030 updates the Uniform Fraudulent Transfer Act to the Uniform Voidable Transactions Fraudulent Transfer Act. It adds definitions for terms like "electronic," "organization," "record," and "sign." The bill modifies rules on when transfers are considered made or obligations incurred, and it specifies that a transfer is not voidable if it results from lease termination or security interest enforcement. It also details the burden of proof for various claims and defenses, and it outlines remedies available to creditors.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.