Source: https://voidabletransactions.com/wyoming-voidable-transaction-uvta-fraudulent-transfer-ufta.html
Timestamp: 2020-06-06 23:08:11
Document Index: 9624514

Matched Legal Cases: ['§ 34', '§ 34', '§ 34', '§ 34', '§ 34', '§ 34', '§ 34', '§ 34', '§ 34', '§ 34', '§ 34', '§ 34', '§ 34']

Wyoming Voidable Transaction UVTA Fraudulent Transfer UFTA
Wyoming Uniform Fraudulent Transfers Act
Wyoming UFTA a/k/a WYUFTA WUFTA
W.S.1977 §§ 34-14-201, et seq.
§ 34-14-201. Short title
This act may be cited as the “Uniform Fraudulent Transfer Act.”
§ 34-14-202. Definitions
(i) “Affiliate” means:
(II) Solely to secure a debt, if the person has not exercised the power to vote.
(B) A corporation twenty percent (20%) 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 the power to vote, twenty percent (20%) or more of the outstanding voting securities of the debtor, other than a person who holds the securities:
(II) Solely to secure a debt, if the person has not in fact exercised the power to vote.
(ii) “Asset” means property of a debtor, but the term does not include:
(iii) “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;
(iv) “Creditor” means a person who has a claim;
(v) “Debt” means liability on a claim;
(vi) “Debtor” means a person who is liable on a claim;
(vii) “Insider” includes:
(III) A general partner in a partnership described in subdivision (A) (II) of this paragraph;
(V) An incorporated business organization, other than a partnership, in which the debtor is a member, partner, manager or other participant, when the debtor’s participation includes the right to conduct the business of the organization or the debtor controls the organization; or
(VI) An individual, as described in subdivision (A)(I) of this paragraph, who participates in an unincorporated business organization, other than a partnership, and 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 subdivision (A)(IV) of this paragraph; or
(VI) A relative of a general partner, director, officer or person in control of the debtor.
(II) A relative of a general partner in or a general partner of, or a person in control of the debtor;
(IV) A general partner in a partnership described in subdivision (C) (III) of this paragraph; or
(V) A person in control of the debtor.
(D) An affiliate, or an insider of an affiliate as if the affiliate were the debtor;
(E) A managing agent of the debtor; and
(F) If the debtor is an unincorporated business organization other than a partnership:
(I) A member, partner, manager or participant who has the right to conduct business of the organization;
(II) A person who controls the organization; or
(III) A relative of a person described in subdivision (F)(I) and (F) (II).
(viii) “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;
(ix) “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;
(x) “Property” means anything that may be the subject of ownership;
(xi) “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;
(xii) “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;
(xiii) “Valid lien” means a lien that is effective against the holder of a judicial lien subsequently obtained by legal or equitable process or proceedings.
§ 34-14-203. Insolvency
(a) A debtor is insolvent if the sum of the debtor’s debt is greater than all of the debtor’s assets, at a fair valuation.
(b) A debtor who is generally not paying his 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 of all of the partnership’s assets, at a fair valuation, and the sum of the excess of the value of each general partner’s nonpartnership assets over the partner’s nonpartnership debts.
(d) 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 act.
§ 34-14-204. Value
(b) For the purposes of W.S. 34-14-205(a)(ii) and 34-14-206, 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.
§ 34-14-205. Transfers fraudulent as to present and future creditors
(i) With actual intent to hinder, delay or defraud any creditor of the debtor; or
(ii) Without receiving a reasonably equivalent value in exchange for the transfer or obligation, and the debtor:
(b) In determining actual intent under paragraph (a)(i) of this section, consideration may be given, among other factors, to whether:
(i) The transfer or obligation was to an insider;
(ii) The debtor retained possession or control of the property transferred after the transfer;
(iii) The transfer or obligation was disclosed or concealed;
(iv) Before the transfer was made or obligation was incurred, the debtor had been sued or threatened with suit;
(v) The transfer was of substantially all the debtor’s assets;
(vi) The debtor absconded;
(vii) The debtor removed or concealed assets;
(viii) The value of the consideration received by the debtor was reasonably equivalent to the value of the asset transferred or the amount of the obligation incurred;
(ix) The debtor was insolvent or became insolvent shortly after the transfer was made or the obligation was incurred;
(x) The transfer occurred shortly before or shortly after a substantial debt was incurred; and
(xi) The debtor transferred the essential assets of the business to a lienor who transferred the assets to an insider of the debtor.
§ 34-14-206. Transfers fraudulent as to present creditors
§ 34-14-207. When transfer is made or obligation is incurred
(i) A transfer is made:
(B) 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 act that is superior to the interest of the transferee.
(b) If applicable law permits the transfer to be perfected as provided in subsection (a) of this section and the transfer is not so perfected before the commencement of an action for relief under this act, the transfer is deemed made immediately before the commencement of the action.
(c) If applicable law does not permit the transfer to be perfected as provided in subsection (a) of this section, the transfer is made when it becomes effective between the debtor and the transferee.
§ 34-14-208. Remedies of creditors
(a) In an action for relief against a transfer or obligation under this act, a creditor, subject to the limitations in W.S. 34-14-209, may obtain:
(i) Avoidance of the transfer or obligation to the extent necessary to satisfy the creditor’s claim;
(ii) An attachment or other provisional remedy against the asset transferred or other property of the transferee in accordance with the procedure prescribed by law;
(iii) Subject to applicable principles of equity and in accordance with applicable rules of civil procedure:
(B) Appointment of a receiver to take charge of the asset transferred or of the other property of the transferee; or
§ 34-14-209. Defenses, liability and protection of transferee
(a) A transfer or obligation is not voidable under W.S. 34-14-205(a)(i) 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 W.S. 34-14-208(a)(i), 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:
(ii) Any subsequent transferee other than a good-faith transferee or obligee who took for value or from any subsequent transferee or obligee.
(d) Notwithstanding voidability of a transfer or an obligation under this act, a good-faith transferee or obligee is entitled, to the extent of the value given the debtor for the transfer or obligation, to:
(i) A lien on or a right to retain any interest in the asset transferred;
(ii) Enforcement of any obligation incurred; or
(iii) A reduction in the amount of the liability on the judgment.
(e) A transfer is not voidable under W.S. 34-14-205(a)(ii) or 34-14-206 if the transfer results from:
(i) Termination of a lease upon default by the debtor when the termination is pursuant to the lease and applicable law; or
(ii) Enforcement of a security interest in compliance with article 9 of the Uniform Commercial Code.
(f) A transfer is not voidable under W.S. 34-14-206(b):
(i) To the extent the insider gave a 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;
(ii) If made in the ordinary course of business or financial affairs of the debtor and the insider; or
(iii) If made pursuant to a good-faith effort to rehabilitate the debtor and the transfer secured present value given for that purpose as well as an antecedent debt of the debtor.
§ 34-14-210. Extinguishment of claim for relief
(a) A claim for relief with respect to a fraudulent transfer or obligation under this act is extinguished unless action is brought:
(i) Under W.S. 34-14-205(a)(i), within four (4) years after the transfer was made or the obligation was incurred or, if later, within one (1) year after the transfer or obligation was or could reasonably have been discovered by the claimant;
(ii) Under W.S. 31-14-205(a)(ii) or 34-14-206(a), within four (4) years after the transfer was made or the obligation was incurred; or
(iii) Under W.S. 34-14-206(b), within one (1) year after the transfer was made or the obligation was incurred.
§ 34-14-211. Supplementary provisions
Unless displaced by the provisions of this act, 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.
§ 34-14-212. Uniformity of application and construction