Illinois · 104th session
Amends the Uniform Fraudulent Transfer Act. Changes the short title to the Uniform Voidable Transactions Act. Makes changes to the Act that were recommended by the National Conference of Commissioners on Uniform State Laws in 2014, including: adding definitions for "electronic", "organization", "record", and "sign"; providing that a presumption of insolvency imposes on the party against which the presumption is directed the burden of proving that the nonexistence of insolvency is more probable than its existence; removing language providing that a partnership is insolvent if the sum of the partnership's debts is greater than the aggregate, at a fair valuation, of all of the partnership's assets and the sum of the excess of the value of each general partner's nonpartnership assets over the partner's nonpartnership debts; providing that a creditor making a claim for relief has the burden of proving the elements of the claim for relief by a preponderance of the evidence; adding rules to determine the burden of proving matters regarding defenses, liability, and the protection of transferees or obligees; adding rules to determine a debtor's location; providing that a series…
Rule 19(a) / Re-referred to Rules Committee (2025-03-21)