§ 5101. Short title of chapter and definitions.

445 words·~2 min read·/pa/title-12/chapter-51/5101

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

(a)Short title of chapter.-- This chapter, that was formerly cited as the Pennsylvania Uniform Fraudulent Transfer Act, shall be known and may be cited as the Pennsylvania Uniform Voidable Transactions Act.

(b)Definitions.-- The following words and phrases when used in this chapter shall have the meanings given to them in this subsection unless the context clearly indicates otherwise:

"Asset." Property of a debtor. The term does not include:

(1)property to the extent it is encumbered by a valid lien;

(2)property to the extent it is generally exempt under nonbankruptcy law; or

(3)an interest in property held in tenancy by the entireties to the extent it is not subject to process by a creditor holding a claim against only one tenant.

"Claim." Except as used in "claim for relief," a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured.

"Creditor." A person that has a claim.

"Debt." Liability on a claim.

"Debtor." A person that is liable on a claim.

"Electronic." Relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities.

"Lien." A charge against or an interest in property to secure payment of a debt or performance of an obligation. The term includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common law lien or a statutory lien.

"Organization." A person other than an individual.

"Person." An individual, partnership, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, trust or instrumentality or other legal entity.

"Property." Anything that may be the subject of ownership.

"Record." Information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

"Sign." With present intent to authenticate or adopt a record:

(1)to execute or adopt a tangible symbol; or

(2)to attach to or logically associate with the record an electronic symbol, sound or process.

"Transfer." Every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset. The term includes payment of money, release, lease, license and creation of a lien or other encumbrance.

"Valid lien." A lien that is effective against the holder of a judicial lien subsequently obtained by legal or equitable process or proceedings.

12c5101v

(Dec. 22, 2017, P.L.1249, No.78, eff. 60 days)

2017 Amendment. See section 7 of Act 78 in the appendix to this title for special provisions relating to applicability.

12c5102s