Source: https://voidabletransactions.com/arkansas-voidable-transaction-uvta-fraudulent-transfer-ufta.html
Timestamp: 2020-08-11 15:59:20
Document Index: 93250683

Matched Legal Cases: ['§ 4', '§ 4', '§ 9', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4']

Arkansas Voidable Transaction UVTA Fraudulent Transfer UFTA
Arkansas Uniform Voidable Transactions Act
Arkansas UVTA a/k/a ARUVTA or AUVTA
A.C. § 4-59-201 et seq.
§ 4-59-201. Definitions
(3) “Claim”, except as used in “claim for relief”, means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured.
(9) “Lien” means a charge against or an interest in property to secure payment of a debt or performance of an obligation, and includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common-law lien, or a statutory lien, including child support liens arising under §§ 9-14-230 and 9-14-231.
(16) “Transfer” means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset, and includes payment of money, release, lease, license, and creation of a lien or other encumbrance.
§ 4-59-202. Insolvency
(b) A debtor that is generally not paying the debtor’s debts as they become due, other than as a result of a bona fide dispute, is presumed to be insolvent. The presumption imposes on the party against which the presumption is directed the burden of proving that the nonexistence of insolvency is more probable than its existence.
(c) Assets under this section do not include property that has been transferred, concealed, or removed with intent to hinder, delay, or defraud creditors or that has been transferred in a manner making the transfer voidable under this subchapter.
§ 4-59-203. Value
(a) Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is secured or satisfied, but value does not include an unperformed promise made otherwise than in the ordinary course of the promisor’s business to furnish support to the debtor or other person.
(b) For the purposes of §§ 4-59-204(a)(2) and 4-59-205, a person gives a reasonably equivalent value if the person acquires an interest of the debtor in an asset pursuant to a regularly conducted, noncollusive foreclosure sale or execution of a power of sale for the acquisition or disposition of the interest of the debtor upon default under a mortgage, deed of trust, or security agreement.
§ 4-59-204. Transfer or obligation voidable as to present or future creditor
(b) In determining actual intent under subdivision (a)(1) of this section, consideration may be given, among other factors, as to whether:
§ 4-59-205. Transfer or obligation voidable as to present creditor
(c) Except as provided under § 4-59-202(b), a creditor making a claim for relief under subsection (a) or subsection (b) of this section has the burden of proving the elements of the claim for relief by a preponderance of the evidence.
§ 4-59-206. When transfer is made or obligation is incurred
(ii) with respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien otherwise than under this subchapter that is superior to the interest of the transferee;
(2) if applicable law permits the transfer to be perfected as provided in subdivision (1) of this section and the transfer is not so perfected before the commencement of an action for relief under this subchapter, the transfer is deemed made immediately before the commencement of the action;
No court order or judgment of a court shall be an obligation incurred under this subchapter.
§ 4-59-207. Remedies of creditor
(a) In an action for relief against a transfer or obligation under this subchapter, a creditor, subject to the limitations in § 4-59-208, may obtain:
(2) an attachment or other provisional remedy against the asset transferred or other property of the transferee if available under applicable law;
(iii) any other relief the circumstances may require; and
(4) a settlement agreement with the transferee or a child support creditor or the Office of Child Support Enforcement of the Revenue Division of the Department of Finance and Administration in Title IV-D cases.
§ 4-59-208. Defenses, liability, and protection of transferee or obligee
(a) A transfer or obligation is not voidable under § 4-59-204(a)(1) against a person that took in good faith and for a reasonably equivalent value given the debtor, or against any subsequent transferee or obligee.
(b) To the extent a transfer is voidable in an action by a creditor under § 4-59-207(a)(1), the following rules apply:
(2) recovery pursuant to § 4-59-207(a)(1) or § 4-59-207(b) of or from the asset transferred or its proceeds, by levy or otherwise, is available only against a person described in subdivision (b)(1)(i) or subdivision (b)(1)(ii) of this section.
(d) Notwithstanding voidability of a transfer or an obligation under this subchapter, a good-faith transferee or obligee is entitled, to the extent of the value given the debtor for the transfer or obligation, to:
(e) A transfer is not voidable under § 4-59-204(a)(2) or § 4-59-205 if the transfer results from:
(2) enforcement of a security interest in compliance with chapter 9 of the Uniform Commercial Code § 4-9-101 et seq., other than acceptance of collateral in full or partial satisfaction of the obligation it secures.
(f) A transfer is not voidable under § 4-59-205(b):
(1) A party that seeks to invoke subsection (a),(d),(e), or (f) has the burden of proving the applicability of that subsection.
(2) Except as otherwise provided in subdivisions (g)(3) and (g)(4), the creditor has the burden of proving each applicable element of subsection (b) or (c).
(3) The transferee has the burden of proving the applicability to the transferee of subdivision (b)(1)(ii)(A) or (b)(1)(ii)(B).
§ 4-59-209. Extinguishment of claim for relief
A claim for relief with respect to a transfer or obligation under this subchapter is extinguished unless action is brought:
(a) under § 4-59-204(a)(1), not later than four years after the transfer was made or the obligation was incurred or, if later, not later than one year after the transfer or obligation was or could reasonably have been discovered by the claimant;
(b) under § 4-59-204(a)(2) or § 4-59-205(a), not later than four years after the transfer was made or the obligation was incurred; or
(c) under § 4-59-205(b), not later than one year after the transfer was made.
§ 4-59-210. Governing law
(b) A claim for relief in the nature of a claim for relief under this subchapter is governed by the local law of the jurisdiction in which the debtor is located when the transfer is made or the obligation is incurred.
§ 4-59-211. Application to series organization
(1) “Protected series” means an arrangement, however denominated, created by a series organization that, pursuant to the law under which the series organization is organized, has the characteristics set forth in subdivision (a)(2) of this section.
(b) A series organization and each protected series of the organization is a separate person for purposes of this subchapter, even if for other purposes a protected series is not a person separate from the organization or other protected series of the organization.
§ 4-59-212. Supplementary provisions
Unless displaced by the provisions of this subchapter, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validating or invalidating cause, supplement its provisions.
§ 4-59-213. Uniformity of application and construction
§ 4-59-214. Relation to Electronic Signatures in Global and National Commerce Act
This subchapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit, or supersede Section 101(c) of that act, 15 U.S.C. Section 7001(c), or authorize electronic delivery of any of the notices described in Section 103(b) of that act, 15 U.S.C. Section 7003(b).
§ 4-59-215. Short title
This subchapter, which was formerly cited as the Uniform Fraudulent Transfer Act, may be cited as the Uniform Voidable Transactions Act.