Source: https://voidabletransactions.com/district-of-columbia-voidable-transaction-uvta-fraudulent-transfer-ufta.html
Timestamp: 2020-06-06 22:45:14
Document Index: 542220405

Matched Legal Cases: ['§ 28', '§ 28', '§ 28', '§ 28', '§ 28', '§ 28', '§ 28', '§ 28', '§ 28', '§ 28', '§ 28']

District of Columbia Voidable Transaction UVTA Fraudulent Transfer UFTA
District of Columbia Uniform Fraudulent Transfers Act
District of Columbia UFTA a/k/a DCUFTA
DC ST §§ 28-3101, et seq.
§ 28-3101. Definitions.
(A) A person who directly or indirectly owns, controls, or holds with power to vote 20% or more of the outstanding voting securities of the debtor, other than a person who holds the securities:
(B) A corporation having 20% or more of its outstanding voting securities that 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% or more of the outstanding voting securities of the debtor, other than a person who holds the securities:
(C) A person whose business is operated by the debtor under a lease or other agreement, or a person whose assets are substantially all controlled by the debtor; or
(4) “Creditor” means a person who has a claim.
(6) “Debtor” means a person who is liable on a claim.
(iii) A general partner in a partnership described in sub-subparagraph (ii) of this subparagraph;
(v) An unincorporated business organization in which the debtor has capital participation as a member or partner with limitation of liability for that participation, if that capital participation includes the right to conduct the business of the organization; or
(vi) A member or partner in an unincorporated business organization described in sub-subparagraph (v) of this subparagraph who has the right to conduct the business of the organization or who controls the organization;
(v) A general partner in a partnership described in sub-subparagraph (iv) of this subparagraph; or
(ii) A relative of a general partner in, or a general partner of, the partnership, or a person in control of the debtor;
(iv) A general partner in a partnership described in sub-subparagraph (iii) of this subparagraph; or
(D) If the debtor is an unincorporated business organization in which members or partners receive limitation of liability for their capital participation in the organization:
(i) A member or partner of the organization who has the right to conduct the business of the organization;
(iii) A relative of a person described in sub-subparagraph (i) or (ii) of this subparagraph;
(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, limited liability company, 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.
§ 28-3102. Insolvency.
(b) A debtor who is generally not paying his or her debts as they become due is presumed to be insolvent.
(c) A partnership is insolvent under subsection (a) of this section if the sum of the partnership’s debts is greater than the aggregate, at a fair valuation, of all of the partnership’s assets, and the sum of the excess of the value of each general partner’s nonpartnership assets over the partner’s nonpartnership debts.
§ 28-3103. 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. 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 another person.
(b) For the purposes of sections 28-3104(a)(2) and 28-3105, 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.
§ 28-3104. Transfers fraudulent as to present and future creditors.
(a) A transfer made, or obligation incurred, by a debtor is fraudulent as to a creditor, whether the creditor’s claim arose before or after the transfer was made or the obligation was incurred, if the debtor made the transfer or incurred the obligation:
§ 28-3105. Transfers fraudulent as to present creditors.
(a) A transfer made, or obligation incurred, by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange for the transfer or obligation and the debtor was insolvent at that time or the debtor became insolvent as a result of the transfer or obligation.
§ 28-3107. 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 28-3108, 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 sections 16-501 through 16-584;
§ 28-3108. Defenses, liability, and protection of transferee.
(a) A transfer or obligation is not voidable under section 28-3104(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 28-3107(a)(1), the creditor may recover judgment for the value of the asset transferred, as adjusted under subsection (c) of this section, or the amount necessary to satisfy the creditor’s claim, whichever is less. The judgment may be entered against:
(1) A lien on, or a right to retain, any interest in the asset transferred;
(e) A transfer is not voidable under section 28-3104(a)(2) or section 28-3105 if the transfer results from:
(2) Enforcement of a security interest in compliance with sections 28:9-101 through 28:9-507.
(f) A transfer is not voidable under section 28-3105(b):
(1) To the extent the insider gave new value to, or for the benefit of, the debtor after the transfer was made unless the new value was secured by a valid lien;
§ 28-3109. Extinguishment of cause of action.
A cause of action with respect to a fraudulent transfer or obligation under this chapter is extinguished unless action is brought:
(1) Under section 28-3104(a)(1), within 4 years after the transfer was made or the obligation was incurred or, if later, within 1 year after the transfer or obligation was, or could reasonably have been discovered by the claimant;
(2) Under section 28-3104(a)(2) or section 28-3105(a), within 4 years after the transfer was made or the obligation was incurred; or
(3) Under section 28-3105(b), within 1 year after the transfer was made or the obligation was incurred.
§ 28-3110. Supplementary provisions.
Unless displaced by the provisions of this chapter, the principles of law and equity, including the law merchant and the laws relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validating or invalidating cause, supplement the provisions of this chapter.
§ 28-3111. Uniformity of application and construction.