SB152 Alabama 2018 Session

Summary

Primary Sponsor

Rodger Smitherman Senator

Democrat

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

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.

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.

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Subjects

Property, Real and Personal