This bill proposes the repeal of the Uniform Fraudulent Transfer Act and its replacement with the Uniform Voidable Transactions Act, to be codified as Chapter 545-B in the New Hampshire Revised Statutes. The new chapter introduces comprehensive definitions and provisions related to voidable transactions, including terms such as "affiliate," "asset," "claim," "creditor," "debt," "debtor," and "insider." Key insertions include detailed definitions of terms not previously defined under the old act, such as "qualified New Hampshire trust," "record," and "transfer." The bill establishes a presumption of insolvency for debtors who fail to pay their debts as they become due, shifting the burden of proof to the opposing party. It also clarifies exclusions for certain assets and debts, particularly those encumbered by valid liens or transferred with fraudulent intent.

Additionally, the bill amends existing laws regarding the voidability of transfers or obligations made by debtors, specifying that a transfer is considered made for present value if the exchange is intended to be contemporaneous. It outlines the burden of proof for creditors, requiring a preponderance of evidence for general claims and clear and convincing evidence for claims against qualified New Hampshire trusts. The bill also details remedies available to creditors, including the avoidance of transfers and protections for good faith transferees. Importantly, it repeals RSA 545-A and establishes that the new provisions will apply to transfers made after the act's effective date, which is set for 60 days post-passage, while ensuring that it does not retroactively affect rights of action that accrued before this date.

Statutes affected:
As Amended by the House: 564-B:5-505, 275-F:8, 511:2
Version adopted by both bodies: 564-B:5-505, 275-F:8, 511:2