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Can you summarize Tex. Bus. & Com. Chapter 24?
INSOLVENCY, FRAUDULENT TRANSFERS, AND FRAUD > UNIFORM FRAUDULENT TRANSFER ACT
Short Summary
The provided legal document content pertains to the Uniform Fraudulent Transfer Act under the Texas Statutes, specifically the Business and Commerce Code. This act governs fraudulent transfers and fraud in relation to insolvency. It defines various terms such as ‘affiliate’, ‘asset’, ‘claim’, ‘creditor’, ‘debt’, ‘debtor’, ‘insider’, ’lien’, ‘person’, ‘property’, ‘relative’, and ’transfer’. The Act applies to debtors, creditors, affiliates, insiders, and managing agents. It establishes rules regarding the treatment of assets, claims, and liabilities in cases of fraudulent transfers. The Act also provides definitions for terms related to liens and interests in property. It does not specify any exemptions or penalties. Overall, the Act aims to prevent fraudulent transfers and protect the rights of creditors and debtors in cases of insolvency.
Whom does it apply to?
Debtors, creditors, affiliates, insiders, and managing agents
What does it govern?
Fraudulent transfers and fraud in relation to insolvency
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Texas