A “Creditor” is a person who has a claim. The Act, at its most basic level, defines the terms debtor and creditor with their traditional legal meanings. Who is subject to the Act and what actions are permitted or prohibited often depend on definitions. DefinitionsĪs with most points in the law, definitions are vital. Arizona has not yet adopted the 2014 changes to the Act, which included the introduction of the Act’s new name. ![]() The Act is based on the Uniform Fraudulent Transfer Act (now known as the Uniform Voidable Transactions Act or “UVTA”) promulgated by the National Conference of Commissioners on Uniform State Laws or “Commission.” Arizona adopted its version of the UVTA in 1990. The Act can be an important tool for creditors and an important consideration for debtors in a collection lawsuit. Creditors with claims both large and small should be aware of the Act’s provisions to ensure that they know what transactions are permitted and which are voidable. Few statutes have caused as much confusion, and often times litigation, as the Act. The Act is intended to ensure the fair treatment of creditors and prohibit the evasion of creditors through “sham” transactions or creative accounting. § 44-1001 et seq., provides strict guidelines concerning transactions made by a debtor before or after incurring a debt with a creditor. The Arizona Fraudulent Transfer Act (the “Act”), found at A.R.S. In Arizona, certain transactions are voidable when they are made to evade creditors. Commercial Litigation and Dispute Resolution. ![]()
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