CHAPTER 242
UNIFORM FRAUDULENT TRANSFER ACT
242.04 Transfers fraudulent as to present and future creditors.
242.05 Transfers fraudulent as to present creditors.
242.06 When transfer is made or obligation is incurred.
242.07 Remedies of creditors.
242.08 Defenses, liability and protection of transferee.
242.09 Statute of limitation.
242.10 Supplementary provisions.
242.11 Uniformity of application and construction.
242.01
242.01
Definitions. In this chapter:
242.01(1)
(1) "Affiliate" means any of the following:
242.01(1)(a)
(a) A person who directly or indirectly owns, controls or holds with power to vote, 20% or more of the outstanding voting securities of the debtor, other than a person who holds the securities:
242.01(1)(a)1.
1. As a fiduciary or agent without sole discretionary power to vote the securities; or
242.01(1)(a)2.
2. Solely to secure a debt, if the person has not in fact exercised the power to vote.
242.01(1)(b)
(b) A corporation 20% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote, by the debtor or a person who directly or indirectly owns, controls or holds with power to vote, 20% or more of the outstanding voting securities of the debtor, other than a person who holds the securities:
242.01(1)(b)1.
1. As a fiduciary or agent without sole discretionary power to vote the securities;
242.01(1)(b)2.
2. Solely to secure a debt, if the person has not in fact exercised the power to vote.
242.01(1)(c)
(c) A person whose business is operated by the debtor under a lease or other agreement, or a person substantially all of whose assets are controlled by the debtor.
242.01(1)(d)
(d) A person who operates the debtor's business under a lease or other agreement or controls substantially all of the debtor's assets.
242.01(2)
(2) "Asset" means property of a debtor, but does not include any of the following:
242.01(2)(a)
(a) Property to the extent it is encumbered by a valid lien.
242.01(2)(b)
(b) Property to the extent it is generally exempt under nonbankruptcy law.
242.01(2)(c)
(c) An interest in property held in tenancy by the entireties to the extent it is not subject to process by a creditor holding a claim against only one tenant.
242.01(3)
(3) "Claim" means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured.
242.01(4)
(4) "Creditor" means a person who has a claim.
242.01(5)
(5) "Debt" means liability on a claim.
242.01(6)
(6) "Debtor" means a person who is liable on a claim.
242.01(7)
(7) "Insider" includes any of the following:
242.01(7)(a)1.
1. A relative of the debtor or of a general partner of the debtor;
242.01(7)(a)2.
2. A partnership in which the debtor is a general partner;
242.01(7)(a)4.
4. A corporation of which the debtor is a director, officer or person in control; or
242.01(7)(a)5.
5. A limited liability company of which the debtor is a manager or person in control.
242.01(7)(b)4.
4. A partnership in which the debtor is a general partner;
242.01(7)(b)6.
6. A relative of a general partner, director, officer or person in control of the debtor.
242.01(7)(bL)
(bL) If the debtor is a limited liability company, any of the following:
242.01(7)(bL)5.
5. A relative of a manager or person in control of the debtor.
242.01(7)(c)2.
2. A relative of a general partner in, a general partner of or a person in control of the debtor;
242.01(7)(c)3.
3. Another partnership in which the debtor is a general partner;
