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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.


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.

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