Title 15, Limitations of Actions and Prevention of Frauds

Section 15-3-3 shall not extend to any estate or interest in any lands, goods or chattels, or any rents, common, or profit out of the same, which shall be upon good consideration and bona fide lawfully conveyed or assured to any person or persons, bodies-politic or corporate, nor…

If a person shall transact business as a trader or otherwise, with the addition of the words “agent,” “factor,” “and company,” or “& Co.,” or like words, and fail to disclose the name of his principal or partner by a sign in letters easy to be read, placed conspicuously at the ho…

In case of the destruction of a stock of merchandise by fire upon which there is insurance against such loss, the holder of such insurance policies shall within five days after such loss notify his creditors to whom he is indebted for merchandise, of his loss and the amount of in…

(a) The following words and phrases shall have the meanings ascribed herein, unless the context clearly indicates otherwise:(a) “Affiliate” means:(i) A person who directly or indirectly owns, controls or holds with power to vote, twenty percent (20%) or more of the outstanding vo…

(1) A debtor is insolvent if the sum of the debtor’s debts is greater than all of the debtor’s assets, at a fair valuation. (2) A debtor who generally is not paying his or her debts as they become due is presumed to be insolvent. (3) A partnership is insolvent under subsection (1…

(1) Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is secured or satisfied, but value does not include an unperformed promise made otherwise than in the ordinary course of the promisor’s…

(1) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor, whether the creditor’s claim arose before or after the transfer was made or the obligation was incurred, if the debtor made the transfer or incurred the obligation with actual intent to hinder,…

(a) For the purposes of this article:(a) A transfer is made:(i) With respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good-f…

(1) In an action for relief against a transfer or obligation under this article, a creditor, subject to the limitations in Section 15-3-113, may obtain:(a) Avoidance of the transfer or obligation to the extent necessary to satisfy the creditor’s claim;(b) An attachment or other p…

(1) A transfer or obligation is not voidable under Section 15-3-107(1) against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee. (2) Except as otherwise provided in this section, to the extent a transfer is void…

(a) A cause of action with respect to a fraudulent transfer or obligation under this article is extinguished unless action is brought:(a) Under Section 15-3-107(1), within three (3) years after the transfer was made or the obligation was incurred or, if later, within one (1) year…

Unless displaced by the provisions of this article, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency or other validating or invalidating caus…

This article shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this article among states enacting it.

Sections 15-3-101 through 15-3-121 may be cited as the “Uniform Fraudulent Transfer Act.”