New York's "Voidable Transfer" Act Goes Into Effect
New York's recently-enacted overhaul of fraudulent conveyance law -- now known as "voidable transfer" law -- went into effect this month. The law, which adopts the Uniform Voidable Transfer Act followed in many other states, liberalizes and standardizes the law with respect to creditors seeking to recover from debtors who have placed assets beyond creditors' reach in an effort to avoid collection. The new law promises to receive a lot of attention in light of current economic conditions.
Our complete bulletin on this significant change is located here.