Title 31

An individual may not exempt from the property of the estate in any bankruptcy proceeding the property specified in 11 U.S.C. 522(d). An individual may exempt from the property of the estate in any bankruptcy proceeding: (1) that property exempt from execution of judgment as prov…

An insolvent debtor may, in good faith, execute an assignment of property to one or more assignees in trust for the satisfaction of the debtor's creditors, in conformity with the provisions of this part, subject to the provisions of this code relative to trusts and fraudulent tra…

A debtor is insolvent, within the meaning of this part, when the debtor is unable to pay the debtor's debts from the debtor's own means as they become due.

The provisions of this part do not prevent a person residing in another state or country from making there, in good faith and without intent to evade the laws of this state, a transfer of property situated within the other state or territory. This part does not affect the power o…

An assignment for the benefit of creditors may provide for any subsisting liability of the assignor that the assignor might lawfully pay, whether absolute or contingent.

In all assignments of property made by any person, association, partnership, chartered company, or corporation to trustees or assignees on account of inability of the assignor at the time of the assignment to pay the assignor's debts or in proceedings in insolvency, the wages of …

A preference in an assignment for the benefit of creditors can only be given absolutely and without reserving any power of revocation.

No provision in an assignment giving a preference to a creditor can affect or impair any right of another creditor to priority of payment, whether created by law or arising from an obligation or transaction of the parties.

Joint or joint and several debtors can prefer their joint creditors only out of joint property and can prefer the individual creditors of each only out of the separate property of each.

An assignment for the benefit of creditors is void against any creditor of the assignor not assenting to the assignment in the following cases: (1) if the assignment gives a preference dependent upon any condition or contingency or with any power of revocation reserved; (2) if th…

(1) An assignment for the benefit of creditors must be in writing and subscribed by the assignor or by the assignor's agent authorized by writing. (2) The assignment must be acknowledged or proved and certified in the mode prescribed by the law on recording transfers of real prop…

Unless the provisions of 31-2-210 are complied with, an assignment for the benefit of creditors is void against every creditor of the assignor not assenting thereto.

An assignee for the benefit of creditors is not to be regarded as a purchaser for value and has no greater rights than the assignor has in respect to things in action transferred by the assignment.

Within 20 days after an assignment is made for the benefit of creditors, the assignor must make and file, in the manner prescribed by 31-2-215, a full and true inventory showing: (1) all the creditors of the assignor; (2) the place of residence of each creditor, if known to the a…

(1) An affidavit must be made by every person executing an assignment for the benefit of creditors, to be annexed to and filed with the inventory mentioned in 31-2-213, to the effect that the affidavit is in all respects just and true according to the best of the assignor's knowl…

An assignment for the benefit of creditors must be recorded and the inventory required by 31-2-213 must be filed with the county clerk of the county in which the assignor resided at the date of the assignment or, if the assignor did not reside in this state at that time, with the…

If an assignment for the benefit of creditors is executed by more than one assignor, it must be recorded and a copy of the inventory required by 31-2-213 must be filed with the county clerk of the county in which any of the assignors resided at its date or in which any of them no…

An assignment for the benefit of creditors is void against creditors of the assignor and against purchasers and encumbrances in good faith and for value unless it is recorded within 20 days after the date of the assignment.

When an assignment for the benefit of creditors embraces real property, it is subject to the provisions of this part, 70-21-102, and Title 70, chapter 21, part 3.

Within 30 days after the date of an assignment for the benefit of creditors, the assignee must enter into a bond to the state, for the use and benefit of the creditors, in such amount as may be fixed by a judge of the district court of the county in which the original inventory i…

(1) Until the inventory and affidavit required by 31-2-213 and 31-2-214 have been made and filed and the assignee has given bond as required by 31-2-219, the assignee for the benefit of creditors has no authority to dispose of the estate or convert it to the purposes of the trust…

(1) The judge may, upon the petition of the assignee, authorize the assignee to advertise for creditors to present to the assignee their claims, with the vouchers for the claims, duly verified, on or before a day to be specified in the advertisement, not less than 10 days from th…

(1) Parties interested in the estate as creditors or parties otherwise interested, if the judge so directs, shall have at least 10 days' notice by mail to their respective addresses as they appear in the schedule filed by the assignor, or at such other addresses as they shall hav…

It shall be the duty of the assignee to: (1) collect and reduce to money the property of the estate and close up the estate as expeditiously as possible; (2) sell the property of the estate as soon as practicable and sell the accounts and bills receivable when deemed advisable; (…

The court has power to: (1) authorize the business of the assignor to be conducted for a limited period by assignee, if necessary in the best interests of the estate, and allow additional compensation for the services; (2) reopen estates when it appears they were closed before be…

The district judge may, upon the judge's own motion or upon the application of any party in interest and on notice that the judge may direct to be given to the assignor, assignee, and surety, require further security to be given whenever, in the judge's judgment, the security aff…

After 6 months from the date of an assignment for the benefit of creditors, the assignee may be required, on petition of any creditor, to make an accounting before the district court of the county where the accompanying inventory was filed.

Property exempt from execution and insurance upon the life of the assignor do not pass to the assignee by a general assignment for the benefit of creditors unless the instrument specially mentions them and declares an intention that they should pass thereby.

In the absence of any provision in the assignment to the contrary, an assignee for the benefit of creditors is entitled to the same commissions as are allowed by law to executors and guardians, but the assignment cannot grant more and may restrict the commissions to a lesser amou…

An assignee for the benefit of creditors may not be held liable for acts done in good faith in the execution of the trust merely for the reason that the assignment is afterwards adjudged void.

An assignment for the benefit of creditors which has been executed and recorded so as to transfer the property to the assignee cannot afterwards be canceled or modified by the parties thereto without the consent of every creditor affected thereby.

This part may be cited as the "Uniform Fraudulent Transfer Act".

This part must be applied and construed to effectuate the general purpose of making uniform the law with respect to the subject of this part among states enacting it.

As used in this part, the following definitions apply: (1) "Affiliate" means: (a) a person who directly or indirectly owns, controls, or holds with power to vote 20% or more of the outstanding voting securities of the debtor, other than a person who holds the securities: (i) as a…

(1) A debtor is insolvent if the sum of the debtor's debts is greater than all of the debtor's property at a fair valuation and the debtor is generally not paying the debtor's debts as they become due. (2) Property under this section does not include property that has been transf…

(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 other than in the ordinary course of the promisor's bus…

(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: (a) with actual intent to hi…

(1) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchan…

For the purposes of this part: (1) a transfer is made: (a) 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 faith …

(1) In an action for relief against a transfer or obligation under this part, a creditor, subject to the limitations in 31-2-340, may obtain: (a) avoidance of the transfer or obligation to the extent necessary to satisfy the creditor's claim; (b) an attachment or other provisiona…

(1) A transfer or obligation is not voidable under 31-2-333(1)(a) 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 voidable …

A cause of action with respect to a fraudulent transfer or obligation under this part is terminated unless an action is brought under: (1) 31-2-333(1)(a) within 4 years after the transfer was made or the obligation was incurred or, if later, within 2 years after the transfer or o…

Unless displaced by the provisions of this part, 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 cause,…