Under current law, fraudulent transactions are controlled by the
Colorado Uniform Fraudulent Transfers Act. The bill makes updates to the Colorado Uniform Fraudulent Transfers Act and renames it as the Colorado Voidable Transactions Act (act). The bill changes references in the act from fraudulent transfers to voidable transactions.
The bill proposes changes to the act that would make the act align
better with uniform law regarding voidable transactions, as well as makes updates to some of the definitions and terminology used in the act.
The bill establishes burdens of proof and evidentiary requirements
for various claims under the act. The bill also establishes which jurisdictional laws control certain types of claims based on the location of a debtor and makes numerous technical amendments throughout the act.
