This bill proposes the repeal of the Uniform Fraudulent Transfer Act (RSA 545-A) and its replacement with the Uniform Voidable Transactions Act (RSA 545-B). The new act introduces a comprehensive framework that includes definitions for key terms such as "debtor," "creditor," "insider," "transfer," "affiliate," "asset," and "claim," which are essential for assessing the validity of transactions in relation to creditors and debts. It establishes criteria for determining insolvency, the concept of value in transactions, and the conditions under which a transfer or obligation may be deemed voidable. The bill emphasizes fair valuation and creates a presumption of insolvency for debtors who fail to pay their debts as they come due, shifting the burden of proof to the contesting party.

Additionally, the bill outlines specific conditions under which a transfer is voidable, including intent to hinder, delay, or defraud creditors, or lack of reasonably equivalent value received by the debtor. It clarifies the circumstances under which a transfer is considered made and the remedies available to creditors, while also protecting good-faith transferees who provide reasonably equivalent value. The act aims to enhance creditor protections and provide a clearer framework for debtors by deleting outdated legal language and inserting new definitions and criteria. The new provisions will take effect 60 days after passage and will apply to transfers made or obligations incurred on or after that date, while previous laws will govern actions related to transfers made before the effective date.