378A.050 Transfer or obligation voidable as to present creditor.

164 words·~1 min read·/ky/chapter-378a/378a-050

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)A transfer made or obligation incurred by a debtor is voidable 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 the time or the debtor became insolvent as a result of the transfer or

obligation.

(2)A transfer made by a debtor is voidable 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.

(3)Subject to KRS 378A.020(2), a creditor making a claim for relief under subsection

(1)or

(2)of this section has the burden of proving the elements of the claim for

relief by a preponderance of the evidence.