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Legal Alert - Utah Enacts Uniform Voidable Transactions Act

03/23/2017

by David E. Leta

On March 21, 2017, Utah joined about a dozen other states in enacting the Uniform Voidable Transactions Act (the Act). This statute, which is found at §25-6-101 et seq., amends Utah’s Uniform Fraudulent Transfer Act (§25-6-1 et seq.) (UFTA) by adopting changes that were recommended in 2014 by the National Conference of Commissioners on Uniform State Laws. The Act is effective on and after May 9, 2017, and it applies to a transfer made or an obligation incurred on or after that date. See, §25-6-406(2). Thus, for transfers made, or obligations incurred, in Utah before May 9, 2017, the former UFTA will govern. In essence, the Act addresses a few narrowly defined issues and is not a comprehensive revision of the UFTA.

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