The bill amends Chapter 109A of the General Laws, known as the Uniform Voidable Transactions Act, to update various definitions and provisions related to voidable transactions. Key changes include the insertion of the term "discretionary" in the definition of "sole," the addition of a definition for "Electronic," and the redefinition of "person" to include various legal entities. The bill also introduces new definitions such as "Record" and "Sign," and modifies existing sections to clarify the conditions under which a debtor is considered insolvent, as well as the burden of proof required for creditors making claims for relief.

Additionally, the bill replaces the term "fraudulent" with "voidable" in several sections, thereby altering the legal framework surrounding claims related to voidable transactions. It establishes that a transfer or obligation is not voidable against a good-faith transferee and outlines the rules for proving claims and defenses in such cases. The bill also clarifies the jurisdiction governing claims for relief based on the debtor's location and emphasizes that the principles of law and equity will supplement the provisions of the chapter. Overall, these amendments aim to modernize the law and ensure consistency with current legal standards.