« Sovereign Gold Bonds in 2019: Really? | Main | Elizabeth Warren's Work in the CMC Heartland Case »

The end of the UFCA?

posted by Stephen Lubben

Governor Cuomo has signed into law New York's version of the Uniform Voidable Transactions Act (UVTA). Does this mean I don't have to talk about the UFCA in my bankruptcy classes anymore?

It also means that both California and NY are on the UVTA, which may be the beginning of the end for the UFTA.

Comments

Yeah, I figure it's time to throw in the towel now on the UFTA and UFCA for my textbook.

I've got to say that I'm not happy with the shorter limitations period under the UVTA--4 years for constructive, rather than 6 years under the UFCA. At least NY had the decency to add in a non-uniform attorneys' fee provision.

I also always liked the UFCA's requirement of good faith as part of fair consideration. We've really moved to a bright line rule now and away from a standard, and I think that's a bad thing for this sort of a remedial statute.

The comments to this entry are closed.

Contributors

Current Guests

Follow Us On Twitter

Like Us on Facebook

  • Like Us on Facebook

    By "Liking" us on Facebook, you will receive excerpts of our posts in your Facebook news feed. (If you change your mind, you can undo it later.) Note that this is different than "Liking" our Facebook page, although a "Like" in either place will get you Credit Slips post on your Facebook news feed.

News Feed

Categories

Bankr-L

  • As a public service, the University of Illinois College of Law operates Bankr-L, an e-mail list on which bankruptcy professionals can exchange information. Bankr-L is administered by one of the Credit Slips bloggers, Professor Robert M. Lawless of the University of Illinois. Although Bankr-L is a free service, membership is limited only to persons with a professional connection to the bankruptcy field (e.g., lawyer, accountant, academic, judge). To request a subscription on Bankr-L, click here to visit the page for the list and then click on the link for "Subscribe." After completing the information there, please also send an e-mail to Professor Lawless (rlawless@illinois.edu) with a short description of your professional connection to bankruptcy. A link to a URL with a professional bio or other identifying information would be great.

OTHER STUFF