33-205. Transfers fraudulent as to present creditors.

33-205

Chapter 33.--STATUTE OF FRAUDS; FRAUDULENT CONVEYANCES Article 2.--UNIFORM FRAUDULENT TRANSFER ACT

      33-205.   Transfers fraudulent as to presentcreditors.(a) A transfer made or obligation incurred by a debtor isfraudulent as to a creditor whose claim arose before the transfer was made orthe obligation was incurred if the debtor made the transfer or incurred theobligation without receiving a reasonably equivalent value in exchange for thetransfer or obligation and the debtor was insolvent at that time or the debtorbecame insolvent as a result of the transfer or obligation.

      (b)   A transfer made by a debtor is fraudulent as to a creditor whose claimarose before the transfer was made if the transfer was made to an insider foran antecedent debt, the debtor was insolvent at that time, and the insider hadreasonable cause to believe that the debtor was insolvent.

      History:   L. 1998, ch. 13, § 5; Jan. 1, 1999.