Source: https://voidabletransactions.com/massachusetts-voidable-transaction-uvta-fraudulent-transfer-ufta.html
Timestamp: 2020-08-05 10:27:11
Document Index: 751873716

Matched Legal Cases: ['§ 1', '§ 1', '§ 3', '§ 4', '§ 5', '§ 6', '§ 7', '§ 8', '§ 9', '§ 10', '§ 11', '§ 12']

Massachusetts Voidable Transaction UVTA Fraudulent Transfer UFTA
Massachusetts Uniform Fraudulent Transfers Act
Massachusetts UFTA a/k/a MAUFTA or MUFTA
M.G.L.A. 109A § 1
§ 1. Citation of chapter
As used in this chapter, the following words shall, unless the context requires otherwise, have the following meanings:--
“Affiliate”,
(ii) a corporation twenty 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, twenty percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities,
“Asset”, property of a debtor, but the term shall not include:
“Claim”, 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.
“Creditor”, a person who has a claim.
“Debt”, liability on a claim.
“Debtor”, a person who is liable on a claim.
“Insider”, includes:
“Lien”, 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.
“Person”, an individual, partnership, corporation, association, organization, government or governmental subdivision or agency, business trust, estate, trust, or any other legal or commercial entity.
“Property”, anything that may be the subject of ownership.
“Relative”, 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.
“Transfer”, 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.
“Valid lien”, a lien that is effective against the holder of a judicial lien subsequently obtained by legal or equitable process or proceedings.
§ 3. Insolvency; excluded assets
(d) Assets under this section shall 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 chapter.
(e) Debts under this section shall not include an obligation to the extent it is secured by a valid lien on property of the debtor not included as an asset.
§ 4. Value of transfer
(b) For the purposes of paragraph (2) of subsection (a) of section five and section six, 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.
§ 5. Fraudulent transfer or obligation where creditor’s claim arose before or after transfer or obligation
§ 6. Fraudulent transfer or obligation where creditor’s claim arose before transfer or obligation
§ 7. Transfer; definition
(2) if applicable law permits the transfer to be perfected as provided in paragraph (1) and the transfer is not so perfected before the commencement of an action for relief under this chapter, the transfer shall be deemed made immediately before the commencement of the action;
§ 8. Creditor’s remedies
(a) In an action for relief against a transfer or obligation under this chapter, a creditor, subject to the limitations in section nine, may obtain:
(2) an attachment or other provisional remedy against the asset transferred or other property of the transferee in accordance with the applicable procedure set forth in chapter two hundred and fourteen for actions to reach and apply chapter two hundred and twenty-three for attachments, and chapter two hundred and forty-six for trustee process and in accordance with applicable rules of civil procedure;
§ 9. Voidable transfers; creditor’s judgment
(a) A transfer or obligation is not voidable under paragraph (1) of subsection (a) of section five 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 paragraph (1) of subsection (a) of section eight, 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:
(c) If the judgment under subsection (b) is based upon the value of the asset transferred, the judgment shall be for an amount equal to the value of the asset at the time of the transfer, subject to adjustment as the equities may require.
(e) A transfer is not voidable under paragraph (2) of subsection (a) of section five or section six if the transfer results from:
(2) enforcement of a security interest in compliance with Article 9 of chapter one hundred and six.
(f) A transfer is not voidable under subsection (b) of section six:
§ 10. Limitation of actions
A cause of action with respect to a fraudulent transfer or obligation under this chapter shall be extinguished unless action is brought:
(c) under subsection (b) of section six, within one year after the transfer was made or the obligation was incurred.
§ 11. Application of principles of law and equity
§ 12. Application and construction
This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states which enact it.