The New York Uniform Voidable Transactions Act (UVTA) goes into effect on April 4, 2020. The new law replaces New York's existing debtor-creditor statutes, which were derived from the Uniform Fraudulent Conveyance Act of 1918.
New York's Uniform Voidable Transactions Act (UVTA) goes into effect on April 4, 2020. The UVTA, signed by New York Governor Andrew Cuomo on December 6, 2019, replaces New York's existing debtor-creditor statutes, which were derived from the Uniform Fraudulent Conveyance Act of 1918, and brings New York voidable transfer law in line with the majority of US jurisdictions which have already adopted the UVTA. The new law is effective for transfers occurring on or after April 4, 2020.
The UVTA provides certain remedies to creditors when a debtor makes a transfer of property or incurs an obligation that is either:
Intentionally fraudulent, because it was made with actual intent to hinder, delay, or defraud creditors.