Source: https://voidabletransactions.com/us-virgin-islands-voidable-transaction-uvta-fraudulent-transfer-ufta.html
Timestamp: 2020-06-06 22:49:33
Document Index: 302241586

Matched Legal Cases: ['§ 171', '§ 172', '§ 173', '§ 174', '§ 175', '§ 176', '§ 177', '§ 178', '§ 179', '§ 180', '§ 181', '§ 182']

US Virgin Islands Voidable Transaction UVTA Fraudulent Transfer UFTA
U.S. Virgin Islands Voidable Transaction UVTA Fraudulent Transfer UFTA
U.S. Virgin Islands Uniform Fraudulent Transfers Act
Virgin Islands UFTA a/k/a VIUFTA or VUFTA
28 V.I.C. §§ 171, et seq.
(1) ‘Affiliate‘ means a person who directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities;
(A) a corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor or a person who directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities,
(B) a person whose business is operated by the debtor under a lease or other agreement, or a person substantially all of whose assets are controlled by the debtor; or
(C) a person who operates the debtor’s business under a lease or other agreement or controls substantially all of the debtor’s assets.
(2) ‘Asset‘ means property of a debtor, but the term does not include:
(3) ‘Claim‘ 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.
(4) ‘Creditor‘ means a person who has a claim.
(5) ‘Debt‘ means liability on a claim.
(6) ‘Debtor‘ means a person who is liable on a claim.
(7) ‘Insider‘ includes:
(8) ‘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.
(9) ‘Person‘ means an individual, partnership, corporation, association, organization, government or governmental subdivision or agency, business trust, estate, trust, or any other legal or commercial entity.
(10) ‘Property‘ means anything that may be the subject of ownership.
(11) ‘Relative‘ means an individual related by consanguinity within the third degree as determined by the common law, a spouse, or an individual related to a spouse within the third degree as so determined, and includes an individual in an adoptive relationship within the third degree.
(12) ‘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, and creation of a lien or other encumbrance.
(13) ‘Valid lien‘ means a lien that is effective against the holder of a judicial lien subsequently obtained by legal or equitable process or proceedings.
§ 172 Insolvency
§ 173 Value
(b) For the purposes of sections 174(a)(2) and 175, 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.
§ 174 Transfers fraudulent as to present and future creditors
§ 175 Transfers fraudulent as to present creditors
§ 176 When transfer is made or obligation is incurred
(B) if evidenced by writing, when the writing executed by the obligor is delivered to or for the benefit of the obligee.
§ 177 Remedies of creditors
(a) In an action for relief against a transfer or obligation under this chapter a creditor, subject to the limitations in section 178, may obtain:
(2) an attachment or other provisional remedy against the asset transferred or other property of the transferee in accordance with the procedure prescribed by title 5 Virgin Islands Code, chapter 25;
§ 178 Defenses, liability, and protection of transferee
(a) A transfer or obligation is not voidable under section 174(a)(1) against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee.
(b) Except as otherwise provided in this section, to the extent a transfer is voidable in an action by a creditor under section 177(a)(1), the creditor may recover judgment for the value of the asset transferred, as adjusted under subsection (c), or the amount necessary to satisfy the creditor’s claim, whichever is less. The judgment may be entered against:
(2) any subsequent transferee other than a good-faith transferee or obligee who took for value or from any subsequent transferee or oblige.
(e) A transfer is not voidable under section 174(a)(2) or section 175 if the transfer results from:
(f) A transfer is not voidable under section 175(b):
§ 179 Extinguishment cause of action
(a) under section 174(a)(1), within four years after the transfer was made or the obligation was incurred or, if later, within one year after the transfer or obligation was or could reasonably have been discovered by the claimant;
(b) under Section 174(a)(2) or 175(a), within four years after the transfer was made or the obligation was incurred; or
(c) under Section 175(b), within one year after the transfer was made or the obligation was incurred.
§ 180 Supplementary provisions
Unless displaced by this chapter, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppels, laces, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validating or invalidating cause, supplement its provisions.
§ 181 Uniformity of application and construction
§ 182 Short title
This chapter may be cited as ‘The Virgin Islands Uniform Fraudulent Conveyances Act‘.