UNIFORM VOIDABLE TRANSACTIONS
Sponsored By: Daniel Didech (Democratic)
In Committee
Summary
Amends the Uniform Fraudulent Transfer Act. Changes the short title to the Uniform Voidable Transactions Act. Makes changes to the Act that were recommended by the National Conference of Commissioners on Uniform State Laws in 2014, including: adding definitions for "electronic", "organization", "record", and "sign"; providing that a presumption of insolvency imposes on the party against which the presumption is directed the burden of proving that the nonexistence of insolvency is more probable than its existence; removing language providing that a partnership is insolvent if the sum of the partnership's debts is greater than the aggregate, at a fair valuation, of all of the partnership's assets and the sum of the excess of the value of each general partner's nonpartnership assets over the partner's nonpartnership debts; providing that a creditor making a claim for relief has the burden of proving the elements of the claim for relief by a preponderance of the evidence; adding rules to determine the burden of proving matters regarding defenses, liability, and the protection of transferees or obligees; adding rules to determine a debtor's location; providing that a series organization and each protected series of the organization is a separate person, even if for other purposes a protected series is not a person separate from the organization of other protected series of the organization; how the Act relates to the Electronic Signatures in Global and National Commerce Act; and other changes. Makes conforming changes in the Illinois Insurance Code and the Illinois Trust Code.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Daniel Didech
Democratic • House
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Rule 19(a) / Re-referred to Rules Committee
3/21/2025HouseAssigned to Judiciary - Civil Committee
2/4/2025HouseReferred to Rules Committee
1/9/2025HouseFirst Reading
1/9/2025HousePrefiled with Clerk by Rep. Daniel Didech
12/5/2024House
Bill Text
Introduced
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