What Pennsylvania Creditors Need to Know About the New Uniform Voidable Transactions ActOn February 22, 2018 by Schnader in Appellate
On February 20, 2018, the Uniform Voidable Transactions Act (“PUVTA”) becomes the law in Pennsylvania. The new statute applies to transfers and obligations incurred after that date. The PUVTA renames and changes the 1993 Pennsylvania Uniform Fraudulent Transfer Act to create a more creditor-friendly law that should facilitate the recovery of debt and discourage or more easily remedy the dissipation of assets by debtors.
Significant changes include: (1) Replacing “fraudulent” with “voidable”; (2) Explicitly setting a preponderance of the evidence standard; and (3) Narrowing defenses.
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Hugg also published an article on this topic, “What You Need to Know About Changes in Pennsylvania’s Creditor-Debtor Laws,” in the Philadelphia Business Journal.