Chapter 242, UNIFORM VOIDABLE TRANSACTIONS LAW

242.01 Definitions. In this chapter: (1) “Affiliate” means any of the following: (a) A person who directly or indirectly owns, controls or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities…

242.02 Insolvency. (1) In this section: (a) “Assets” do not include property that has been transferred, concealed or removed with intent to hinder, delay or defraud creditors or that has been transferred in a manner making the transfer voidable under this chapter. (b) “Debts” do …

242.03 Value. (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 …

242.04 Transfer or obligation voidable as to present or future creditor. (1) A transfer made or obligation incurred by a debtor is voidable 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 mad…

242.05 Transfer or obligation voidable as to present creditor. (1) A transfer made or obligation incurred by a debtor is voidable 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 obligat…

242.06 When transfer is made or obligation is incurred. For the purposes of this chapter: (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 asse…

242.07 Remedies of creditors. (1) In an action for relief against a transfer or obligation under this chapter, a creditor, subject to the limitations in s. 242.08, may obtain any of the following: (a) Avoidance of the transfer or obligation to the extent necessary to satisfy the …

242.08 Defenses, liability, and protection of transferee or obligee. (1) A transfer or obligation is not voidable under s. 242.04 (1) (a) against a person who took in good faith and for a reasonably equivalent value given the debtor or against any subsequent transferee or obligee…

242.09 Statute of limitation. Actions under this chapter are barred as provided in s. 893.425. History: 1987 a. 192.

242.094 Governing law. (1) In this section, the following rules determine a debtor’s location: (a) A debtor who is an individual is located at the individual’s principal residence. (b) A debtor that is an organization and has only one place of business is located at its place of …

242.096 Application to series organization. (1) In this section: (a) “Protected series” means an arrangement, however denominated, created by a series organization that, pursuant to the law under which the series organization is organized, has the characteristics set forth in par…

242.10 Supplementary provisions. Unless displaced by this chapter, 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 in…

242.11 Uniformity of application and construction. This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it. History: 1987 a. 192. This section provides an explicit i…

242.12 Relation to electronic signatures in global and national commerce act. This chapter modifies, limits, or supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 USC 7001 to 7031, but does not modify, limit, or supersede section 101 (c) of that …

242.13 Short title. This chapter may be cited as the Uniform Voidable Transactions Law. History: 2023 a. 246.