§ 274. Transfer or obligation voidable as to present creditor.

182 words·~1 min read·/ny/debtor-creditor/uniform-voidable-transactions-act/274

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

(a)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 that time

or the debtor became insolvent as a result of the transfer or

obligation.

(b)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.

(c)Subject to subdivision

(b)of section two hundred seventy-one of

this article, a creditor making a claim for relief under subdivision

(b)of this section has the burden of proving the elements of the

claim for relief by a preponderance of the evidence.