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The Vermont Statutes Online



Title

09

:
Commerce and Trade






Chapter

057

:
FRAUDULENT CONVEYANCES AND FALSE CHECKS






Subchapter

001
:
FRAUDULENT TRANSFERS










 

§

2289. Transfers fraudulent as to present creditors

(a) A transfer

made or obligation incurred by a debtor is fraudulent as to a creditor whose

claim arose before the transfer was made or the obligation was incurred if the

debtor made the transfer or incurred the obligation without receiving a

reasonably equivalent value in exchange for the transfer or obligation and the

debtor was insolvent at that time or the debtor became insolvent as a result of

the transfer or obligation.

(b) A transfer

made by a debtor is fraudulent as to a creditor whose claim arose before the

transfer was made if the transfer was made to an insider for an antecedent

debt, the debtor was insolvent at that time, and the insider had reasonable

cause to believe that the debtor was insolvent. (Added 1995, No. 179 (Adj.

Sess.), § 14.)