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Can you summarize 9 VTST Chapter 57, Subchapter 1?
VOIDABLE TRANSACTIONS AND FALSE CHECKS > VOIDABLE TRANSACTIONS
Short Summary
This section of the Vermont Statutes, under the Commerce and Trade category, governs the remedies available to a creditor in an action for relief against a transfer or obligation. It outlines the various remedies that a creditor may obtain, including avoidance of the transfer or obligation, attachment or provisional remedy against the asset transferred or other property of the transferee, injunction against further disposition by the debtor or transferee, appointment of a receiver, or any other relief as required by the circumstances. The document also discusses the ability of a creditor to levy execution on the asset transferred or its proceeds if they have obtained a judgment on a claim against the debtor. It further states that the principles of law and equity supplement the provisions of this chapter, unless displaced by the provisions of this chapter. The chapter aims to make uniform the law with respect to voidable transactions among states enacting it. It may be cited as the Uniform Voidable Transactions Act. The document also provides rules for determining a debtor’s location and specifies that a claim for relief under this chapter is governed by the local law of the jurisdiction in which the debtor is located when the transfer is made or the obligation is incurred. It sets forth the time limits for bringing a claim for relief under this chapter. Additionally, it defines the terms ’transfer’ and ‘obligation’ and establishes the criteria for determining when a transfer is made and when an obligation is incurred in the context of voidable transactions. The document also addresses defenses, liability, and protection of transferee or obligee in voidable transactions and false checks. It states that a transfer or obligation is not voidable against a person who took in good faith and for a reasonably equivalent value or against subsequent transferees or obligees. It outlines the rules for recovery by a creditor in an action to avoid a transfer and discusses the entitlements of a good-faith transferee or obligee, exemptions to voidability of transfers, and burden of proof for various matters. No specific penalties are mentioned in this document.
Whom does it apply to?
Creditors, debtors, transferees, obligees
What does it govern?
Remedies available to a creditor in an action for relief against a transfer or obligation
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Vermont