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Fraud | |
Uniform Fraudulent Transfer Act | |
Section 6 | Fraudulent transfer -- Claim arising before transfer. |
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25-6-6. Fraudulent transfer -- Claim arising before transfer. (1) 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: (a) the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange for the transfer or obligation; and (b) the debtor was insolvent at the time or became insolvent as a result of the transfer or obligation. (2) A transfer made by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made if the transfer was made to an insider for an antecedent debt, the debtor was insolvent at the time, and the insider had reasonable cause to believe that the debtor was insolvent.
Amended by Chapter 61, 1989 General Session |
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