HB181 Alabama 2018 Session

Sponsors

Session

Regular Session 2018

Title

Alabama Uniform Voidable Transfers Act, adopted, creditors, procedures to reach assets transferred to prevent seizure established, Secs. 8-9B-1 to 8-9B-17, inclusive, added

Description

<p class="bill_description"> Under existing law, Alabama has adopted the Uniform Fraudulent Transfers Act (UFTA). Under existing law, the UFTA establishes procedures by which a creditor may reach assets a debtor has transferred to another person in order to prevent the assets from being used to settle a debt</p><p class="bill_description"> This bill would adopt the Uniform Voidable Transfers Act to replace the UFTA for transactions occurring after January 1, 2019. This bill would establish an updated procedure by which a creditor may reach assets a debtor has transferred to another person in order to prevent the assets from being used to settle a debt</p><p class="bill_entitled_an_act"> To adopt the Alabama Uniform Voidable Transactions Act; to establish procedures by which a creditor may reach assets a debtor has transferred to another person in order to prevent the assets from being used to settle a debt; and to specify that the act would apply to transactions that occur after January 1, 2019. </p>

Subjects

Property, Real and Personal