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Legislative Year: 2022 Change
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Bill Detail: SB22-122

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Title Uniform Voidable Transactions Act
Status Senate Committee on Judiciary Postpone Indefinitely (03/03/2022)
Bill Subjects
  • Financial Services & Commerce
House Sponsors K. Tipper (D)
Senate Sponsors R. Gardner (R)
House Committee
Senate Committee Judiciary
Date Introduced 02/03/2022
Summary

Colorado Commission on Uniform State Laws. In 2014, the

Uniform Law Commission approved a set of amendments to the
Colorado Uniform Fraudulent Transfer Act. The bill enacts those
amendments. The principal features of the amendments are:
  • Title change. The title of the act is changed to the
Colorado Uniform Voidable Transactions Act (act).
  • Choice of law. A new provision sets forth a choice of law
rule applicable to claims for relief of the nature governed
by the act.
  • Evidentiary matters. New provisions add uniform rules
allocating the burden of proof and defining the standard of
proof with respect to claims for relief and defenses under
the act.
  • Deletion of the special definition of insolvency for
partnerships.
The act as originally written set forth a
special definition of insolvency applicable to
partnerships. The amendments delete the original language,
with the result that the general definition of insolvency now
applies to partnerships.
  • Defenses. Defenses available to a transferee or obligee are
refined as follows:
  • As originally written, the act created a complete
defense to an action for a fraudulent transfer (which
renders voidable a transfer made or obligation
incurred with actual intent to hinder, delay, or
defraud any creditor of the debtor) if the transferee
or obligee takes the transfer in good faith and for a
reasonably equivalent value. The amendments add
to the act the further requirement that the reasonably
equivalent value must be given to the debtor.
  • The act created, in a provision derived from the
federal Bankruptcy Code, a defense for a
subsequent transferee (that is, a transferee other
than the first transferee) that takes a transfer in good
faith and for value, and for any subsequent
good-faith transferee from a person. The
amendments clarify the meaning of the defense by
rewording it to follow more closely the wording of
the federal Bankruptcy Code, which is
substantially unchanged as of 2014. Among other
things, the amendments make clear that the defense
applies to recovery of or from the transferred
property or its proceeds, by levy or otherwise, as
well as to an action for a money judgment.
  • The act as originally written created a defense to an
action for a fraudulent transfer or to avoid a transfer
if the transfer results from enforcement of a security
interest in compliance with the secured transactions
provisions of the Uniform Commercial Code. The
amendments exclude from that defense acceptance
of collateral in full or partial satisfaction of the
obligation it secures (a remedy sometimes referred
to as strict foreclosure).
  • Medium neutrality. In order to accommodate modern
technology, the references in the act to a writing have
been replaced with record and related changes are made.
  • Style. The amendments make a number of stylistic changes
that are not intended to change the meaning of the act,
including retitling of the act.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (02/23/2022) (most recent)  
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