Iowa Code 674 Uniform Fraudulent Conveyance Act amendments were signed by the Iowa Governor on March 31, 2016. A successor to the Uniform Fraudulent Transfer Act (UFTA), this newly-signed Act is now known as the Uniform Voidable Transactions Act (UVTA) and is effective immediately. The UVTA strengthens creditor protections by providing remedies for certain transactions by a debtor that are unfair to the debtor’s creditors
Under UFTA, there were several divergent interpretations among the courts of the lines contained within. The new UVTA’s purpose is to codify the choice of law rule and improve the interpretations between the courts.
Altogether, seven major changes were accomplished with UVTA. These include:
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