Examples of UFCA in a sentence
Choice of LawThe present morass• The original UFTA does not contain a choice of law provision, nor did the UFCA before it.• Choice of law therefore is left to common law.Choice of Law: First Restatement viewRestatement (First) of Conflict of Law (1934): Whether a transfer of property is voidable is governed by the law of the jurisdiction in which the property is located.
For purposes of this Section 4.17, "Bankruptcy Code" means Title 11 of the United States Code, "UFTA" means the Uniform Fraudulent Transfer Act, "UFCA" means the Uniform Fraudulent Conveyance Act, and "Other Applicable Law" means any other applicable state law pertaining to fraudulent transfers or acts voidable by creditors, in each case as such law may be amended from time to time.
The UFCA and the UFTA distinguish between future and present creditors.
There is also some support for this interpretation in SCD Chemical Distributors, Inc v Medley, 203 Mich App 374, 378-379; 512 NW2d 86 (1994), where this Court was attempting to determine whether inventory, customers, and goodwill were “assets” within the meaning of the UFCA.
Pennsylvania replaced its version of the UFCA with its version of the UFTA in 1993, and the UFTA applies to the transaction at issue here.