Currently in New York State, creditors’ ability to avoid fraudulent transfers is governed by one of two different statutory schemes, depending on when the transfer occurred. Although New York State adopted the Uniform Voidable Transactions Act in 2019, New York’s predecessor fraudulent transfer statute, the Uniform Fraudulent Conveyance Act, still governs those transfers that occurred prior to April 4, 2020. These two statutory schemes each have different limitations on time to commence an action.
Commercial Tort Collateral: Ain’t No Sunshine When It’s Gone
The district court characterized the agreement not as creating a trust but as a device designed to win priority over a prior, perfected security interest.
