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November 21, 2024 Drizzle | 45°F
The 193rd General Court of the Commonwealth of Massachusetts
  1. General Laws
  2. Part I ADMINISTRATION OF THE GOVERNMENT
  3. Title XV REGULATION OF TRADE
  4. Chapter 109A UNIFORM FRAUDULENT TRANSFER ACT
  5. Section 6 Fraudulent transfer or obligation where creditor's claim arose before transfer or obligation

Section 6

Section 6: Fraudulent transfer or obligation where creditor's claim arose before transfer or obligation

Section 6. (a) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange for the transfer or obligation and the debtor was insolvent at that time or the debtor became insolvent as a result of the transfer or obligation.

(b) A transfer made by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made if the transfer was made to an insider for an antecedent debt, the debtor was insolvent at that time, and the insider had reasonable cause to believe that the debtor was insolvent.