Bill No.: SF0039 Drafter: KMS

LSO No.: 06LSO-0255 Effective Date: 7/1/2006

Enrolled Act No.: SEA0030

Chapter No.: 55

Prime Sponsor: Senator Case

Catch Title: Uniform Fraudulent Transfers Act.

Subject: Repeals the Uniform Fraudulent Conveyances Act (W.S. 34-14-101 through 34-14-113) and adopts the Uniform Fraudulent Transfers Act in its place.

Summary/Major Elements:

The purpose of fraudulent transfer laws is to protect creditors from unfair transactions that hinder efforts to collect legitimate debts. This bill:

· Makes it unlawful to convey property with the intent to hinder, delay or defraud creditors;

· Updates the law to respond to legal and commercial development;

· Contains updated statutory language and incorporates terms used in analogous fraudulent transfer laws;

· Omits Uniform Fraudulent Conveyances Act provisions that were deemed redundant or susceptible to inequitable applications;

· Eliminates the unneeded distinction between creditors holding matured claims verses those holding unmatured claims;

· Includes a provision that establishes a statute of limitations for fraudulent transfer actions;

· Contains a new provision that protects the interests of transferees by providing certain defenses;

· Provides a list of factors that courts may consider in determining whether the debtor had fraudulent intent.