The bill proposes significant updates to Colorado's legislation on asset transfers to align more closely with uniform laws governing voidable transactions:
Renaming and Terminology Updates:
Renames the "Colorado Uniform Fraudulent Transfers Act" to the "Colorado Voidable Transactions Act."
Replaces references of "fraudulent transfers" with "voidable transactions" throughout the act.
Alignment with Uniform Laws:
Modifies definitions and terminology to better align with uniform laws regarding voidable transactions.
Burden of Proof and Evidentiary Standards:
Establishes specific burdens of proof and evidentiary requirements for various claims under the act.
Jurisdictional Clarifications:
Determines applicable jurisdictional laws for certain claims based on the debtor's location.
Technical Amendments:
Introduces numerous technical amendments to enhance clarity and consistency within the act.
These updates aim to modernize Colorado's approach to voidable transactions, ensuring consistency with broader legal standards and providing clearer guidelines for legal proceedings involving asset transfers.
Summary
Under current law, fraudulent transactions are controlled by the
Colorado Uniform Fraudulent Transfers Act. The bill makes updates to the Colorado Uniform Fraudulent Transfers Act and renames it as the Colorado Voidable Transactions Act (act). The bill changes references in the act from fraudulent transfers to voidable transactions.
The bill proposes changes to the act that would make the act align
better with uniform law regarding voidable transactions, as well as makes updates to some of the definitions and terminology used in the act.
The bill establishes burdens of proof and evidentiary requirements
for various claims under the act. The bill also establishes which jurisdictional laws control certain types of claims based on the location of a debtor and makes numerous technical amendments throughout the act.
