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D1D1244415C23EB48725873C005BFD30 Hearing Summary




PUBLIC
BILL SUMMARY For UNIFORM VOIDABLE TRANSACTIONS ACT

JOINT COMMITTEE COMMITTEE ON COLORADO COMMISSION ON UNIFORM STATE LAWS
Date Aug 25, 2021      
Location HCR 0112



Uniform Voidable Transactions Act - Public Testimony & Commission Discussion


10:44:48 AM  

Uniform Voidable Transactions Act. Herrick Lidstone, CBA Executive Council, Business Law section, and Chair of the Business Entity Subsection which looks at Title 7 statutes, stated that generally the act is a good update to the fraudulent act and views the name change from fraudulent to voidable as positive. Sections 10 and 11 remain a problem for the section. There are definitions and jurisdictional issues in the act that differ from those found in the Uniform Commercial Code (UCC) statutes. In addition, series entities are not well-received in Colorado and considered inappropriate by many. The commission could proceed forward with the act if Sections 10 and 11 are either left out or the language is changed to be consistent with Colorado's UCC language and jurisdiction. Colorado currently deals with series entities by dealing with the parent company, so Section 11 could be left out. The Commission noted that the bar's objections to this act have been consistent and thanked the bar for its continued engagement on it and Mr. Lidstone for raising the issue of harmonizing definitions.

      Commission consensus was to leave the act on the agenda and check with the ULC to see if it would be considered uniform with the language changed to conform with Colorado's UCC definitions and jurisdiction and deleting any series entities references.






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