Mass. Gen. Laws ch. 109A, § 1
Citation of chapter
Section 1. This chapter may be cited as the Uniform Fraudulent Transfer Act.
Massachusetts General Laws Chapter 109A — Uniform Fraudulent Transfer Act
Massachusetts · statute · Mass. Gen. Laws ch. 109A · 12 active provisions
Mass. Gen. Laws ch. 109A, § 2
Definitions
Section 2. As used in this chapter, the following words shall, unless the context requires otherwise, have the following meanings:— ''Affiliate'', (i) a person who directly or indirectly owns, controls, or holds with power to vote, twenty percent or more of the outstanding voting securities of the debtor, other than a…
Mass. Gen. Laws ch. 109A, § 3
Insolvency; excluded assets
Section 3. (a) A debtor is insolvent if the sum of the debtor's debts is greater than all of the debtor's assets, at a fair valuation. (b) A debtor who is generally not paying his debts as they become due is presumed to be insolvent. (c) A partnership is insolvent under subsection (a) if the sum of the partnership's de…
Mass. Gen. Laws ch. 109A, § 4
Value of transfer
Section 4. (a) Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is secured or satisfied, but value does not include an unperformed promise made otherwise than in the ordinary course of the promisor's business to furnish support…
Mass. Gen. Laws ch. 109A, § 5
Fraudulent transfer or obligation where creditor's claim arose before or after transfer or obligation
Section 5. (a) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor, whether the creditor's claim arose before or after the transfer was made or the obligation was incurred, if the debtor made the transfer or incurred the obligation: (1) with actual intent to hinder, delay, or defraud any c…
Mass. Gen. Laws ch. 109A, § 6
Fraudulent transfer or obligation where creditor's claim arose before transfer or obligation
Section 6. (a) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange for the transfer or obliga…
Mass. Gen. Laws ch. 109A, § 7
Transfer; definition
Section 7. For the purposes of this chapter: (1) a transfer is made: (i) with respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good-faith purchaser of the asset fro…
Mass. Gen. Laws ch. 109A, § 8
Creditor's remedies
Section 8. (a) In an action for relief against a transfer or obligation under this chapter, a creditor, subject to the limitations in section nine, may obtain: (1) avoidance of the transfer or obligation to the extent necessary to satisfy the creditor's claim; (2) an attachment or other provisional remedy against the a…
Mass. Gen. Laws ch. 109A, § 9
Voidable transfers; creditor's judgment
Section 9. (a) A transfer or obligation is not voidable under paragraph (1) of subsection (a) of section five against a person who took in good-faith and for a reasonably equivalent value or against any subsequent transferee or obligee. (b) Except as otherwise provided in this section, to the extent a transfer is voida…
Mass. Gen. Laws ch. 109A, § 10
Limitation of actions
Section 10. A cause of action with respect to a fraudulent transfer or obligation under this chapter shall be extinguished unless action is brought: (a) under paragraph (1) of subsection (a) of section five, within four years after the transfer was made or the obligation was incurred or, if later, within one year after…
Mass. Gen. Laws ch. 109A, § 11
Application of principles of law and equity
Section 11. Unless otherwise required by the provisions of this chapter, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validating or invalidating cause, shall supplemen…
Mass. Gen. Laws ch. 109A, § 12
Application and construction
Section 12. This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states which enact it.