A key development for creditors seeking to collect business debt or collect judgments in California:
In July of 2015, the Uniform Voidable Transactions Act was signed into California law. This new law has implications for both debtors and creditors, as it modifies and replaces the former Uniform Fraudulent Transfer Act. Traditionally, this law set forth the conditions that constituted a transfer as fraudulent, along with the remedies available to creditors with respect to such fraudulent transfers. An example of said remedies include the voiding of the transfer.
The new law stipulates the burden of proof necessary to make and defend a claim for relief under this law and alters various definitions within the former act. For instance, it replaces the term “fraudulent” with the term “voidable.” The new law’s provisions only apply to matters where the right of action accrued, the transfer was made, or the obligation was incurred on or after the January 1, 2016.
Some of the more significant amendments to the former law include the following:
Clearly the new law contains information that is imperative for all relevant parties to be aware of. The Wallin Firm is experienced in navigating through the ever-changing legal landscape, particularly relating to creditor’s and debtors issues. It has assisted many businesses and individuals in the Orange, Los Angeles, and Riverside County areas with their various collection and bankruptcy matters.