Table of Contents Sec. 52-552. Fraudulent conveyances, judgments, contracts, when void. Section 52-552 is repealed. Sec. 52-552a. Short title: Uniform Fraudulent Transfer Act. Sections 52-552a
to 52-552l, inclusive, may be cited as the "Uniform Fraudulent Transfer Act". Sec. 52-552b. Definitions. As used in sections 52-552a to 52-552l, inclusive: Sec. 52-552c. Insolvency. (a) A debtor is insolvent if the sum of the debtor's debts
is greater than all of the debtor's assets at a fair valuation. Sec. 52-552d. Value. (a) Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is
secured or satisfied, but value does not include an unperformed promise made otherwise
than in the ordinary course of the promisor's business to furnish support to the debtor
or another person. Sec. 52-552e. Transfers fraudulent as to present creditors. (a) A transfer made
or obligation incurred by a debtor is fraudulent as to a creditor, if the creditor's claim
arose before the transfer was made or the obligation was incurred and if the debtor made
the transfer or incurred the obligation: (1) With actual intent to hinder, delay or defraud
any creditor of the debtor; or (2) without receiving a reasonably equivalent value in
exchange for the transfer or obligation, and the debtor (A) was engaged or was about
to engage in a business or a transaction for which the remaining assets of the debtor
were unreasonably small in relation to the business or transaction, or (B) intended to
incur, or believed or reasonably should have believed that he would incur, debts beyond
his ability to pay as they became due. Sec. 52-552f. 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. Sec. 52-552g. When transfer is made or obligation is incurred. For the purposes
of sections 52-552a to 52-552l, inclusive: Sec. 52-552h. Remedies of creditors. (a) In an action for relief against a transfer
or obligation under sections 52-552a to 52-552l, inclusive, a creditor, subject to the
limitations in section 52-552i, may obtain: (1) Avoidance of the transfer or obligation to
the extent necessary to satisfy the creditor's claim; (2) an attachment or other provisional
remedy against the asset transferred or other property of the transferee in accordance
with the procedure prescribed by chapter 903a; (3) subject to applicable principles of
equity and in accordance with applicable rules of civil procedure (A) an injunction
against further disposition by the debtor or a transferee, or both, of the asset transferred
or of other property, (B) appointment of a receiver to take charge of the asset transferred
or of other property of the transferee, or (C) any other relief the circumstances may
require. Sec. 52-552i. Defenses, liability and protection of transferee. (a) A transfer or
obligation is not voidable under subdivision (1) of subsection (a) of section 52-552e
against a person who took in good faith and for a reasonably equivalent value. Sec. 52-552j. Extinguishment of cause of action. A cause of action with respect
to a fraudulent transfer or obligation under sections 52-552a to 52-552l, inclusive, is
extinguished unless action is brought: (1) Under subdivision (1) of subsection (a) of
section 52-552e, within four years after the transfer was made or the obligation was
incurred or, if later, within one year after the transfer or obligation was or could reasonably have been discovered by the claimant; (2) under subdivision (2) of subsection (a)
of section 52-552e or subsection (a) of section 52-552f, within four years after the transfer was made or the obligation was incurred; or (3) under subsection (b) of section 52-
552f, within one year after the transfer was made or the obligation was incurred. Sec. 52-552k. Supplementary provisions. Unless displaced by the provisions of
sections 52-552a to 52-552l, inclusive, the principles of law and equity, including the
law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency or other validating or invalidating
cause, supplement the provisions of said sections.
Sec. 52-552. Fraudulent conveyances, judgments, contracts, when void.
Sec. 52-552a. Short title: Uniform Fraudulent Transfer Act.
Sec. 52-552b. Definitions.
Sec. 52-552c. Insolvency.
Sec. 52-552d. Value.
Sec. 52-552e. Transfers fraudulent as to present creditors.
Sec. 52-552f. Transfers fraudulent as to present creditors.
Sec. 52-552g. When transfer is made or obligation is incurred.
Sec. 52-552h. Remedies of creditors.
Sec. 52-552i. Defenses, liability and protection of transferee.
Sec. 52-552j. Extinguishment of cause of action.
Sec. 52-552k. Supplementary provisions.
Sec. 52-552l. Uniformity of application and construction.
(1949 Rev., S. 8295; P.A. 91-297, S. 13.)
Annotations to repealed section:
In general. Statute substantially copied from 43 Eliz. c. 5, and to be similarly construed. 8 C. 189; 50 C. 32. If facts are
admitted, question is one of law; 15 C. 19; otherwise question is one of fact. 83 C. 511; 84 C. 628. Necessary allegations
of pleadings to avoid. 68 C. 580; 81 C. 626; 84 C. 628; 100 C. 718. Property may still be attached; 68 C. 390; and this
proper remedy rather than bill for reconveyance; 84 C. 682; but where grantor is dead, see 85 C. 698. Burden of proof. 76
C. 197; 77 C. 142; 83 C. 109; 108 C. 94. Matters of evidence. 75 C. 17; id., 491; 81 C. 626; 83 C. 511. Plaintiff may ask
for damages and that conveyance be set aside. 100 C. 718. Need not allege there is no adequate remedy at law if it so
appears in complaint. Id., 718. Finding de existence of "debt or duty" reviewable as conclusion drawn from subordinate
facts; 103 C. 624; conveyance to son by buyer just having made contract of purchase. Id., 640. All parties to deed must be
defendants in suit to set it aside. 105 C. 557. Introduction in evidence of deed from defendant in negligence action to his
wife for purpose of showing consciousness of liability. 107 C. 157. Cited. 131 C. 563. See note to section 52-562. The
terms of the statute are broad, and it is not the nature or form of the transaction but the presence of fraud which brings a
case within the prohibition of the statute. 180 C. 430, 432, 433. Cited. 191 C. 194, 199. Cited. 193 C. 304, 311. Cited. 208
C. 606, 619. Cited. 209 C. 437, 440−442. Cited. 214 C. 8, 11. Cited. 221 C. 698, 707.
What conveyances are fraudulent. General rule. 76 C. 198; 101 C. 697. A voluntary conveyance by one much indebted
is fraudulent. 5 D. 341; 3 C. 450; 10 C. 137; 39 C. 566; 43 C. 23; 62 C. 451. So is one by an insolvent to a near relative.
39 C. 241. And even a creditor who advises such conveyance may take advantage of it. 5 D. 136. It may be void even
against subsequent creditors. 5 D. 341; 35 C. 328; 39 C. 566; 101 C. 699. A voluntary conveyance to defeat a claim for
tort is fraudulent; 1 C. 295; but not under this statute. 98 C. 582; 110 C. 318; 134 C. 207. Conveyance to prevent an
attachment in a divorce action. 68 C. 580; 78 C. 414. Conveyance to one which deprives unfaithful wife of dower. 72 C.
271. But there is no presumption of fraud where one having no debts conveys away property; 1 C. 525; 8 C. 186; 84 C.
682; and subsequent creditors cannot ordinarily object. 31 C. 372; 43 C. 23. Voluntary consideration means one without
substantial consideration. 62 C. 451. Even a bona fide grantee will not be protected, if he gives no consideration. 75 C.
665. And a voluntary reconveyance, where the original grantor is much indebted, will not be upheld; 10 C. 69; unless
applied to the payment of debts. 4 C. 1. Gift in consideration of affection will prevail unless creditors or purchasers are
injured. 81 C. 372. What constitutes consideration; use of wife's property by husband. 78 C. 472. Transactions between
husband and wife to be closely scrutinized; 51 C. 567; but husband may have merely taken legal title for her; 83 C. 110;
consideration should be wife's money; 65 C. 442; and she must be without knowledge of fraud; 65 C. 73; and if he conveys
most of his property to her, court will presume it fraudulent; 71 C. 81; so where insolvent assigns insurance money to wife
and children; 61 C. 248; effect of relationship is for trial court; 65 C. 73; 68 C. 2; 76 C. 198; but a conveyance by a husband
not preventing payment of debts may be valid; 77 C. 142; 87 C. 113; conveyance by a husband to a cotenant who then
conveys to wife whole property and is paid only for his interest is fraudulent; 81 C. 116; so where a husband fraudulently
conveys property to wife without her knowledge. 24 C. 290; id., 406; 39 C. 238. A conveyance to a friend to conceal
property is fraudulent. 13 C. 146. An executory agreement to aid person to delay his creditors is unenforceable. 5 D. 223.
Relationship of debtor and creditor as consideration. 78 C. 468. At common law a creditor could be preferred; 47 C. 54;
unless insolvency proceedings followed. 58 C. 82. Conveyance of land in consideration of support held valid. 52 C. 516.
Conveyance of property to avoid an attachment as fraudulent; 84 C. 628; to avoid obligation of husband to support wife;
84 C. 678; so assignment by insured to her attorney to defeat defenses of insurance company. 83 C. 700; 89 C. 45. A
grantee who gives consideration must know of and participate in fraud to enable creditors to take property; 26 C. 480; 34
C. 316; 37 C. 148; 38 C. 490; 41 C. 613; 98 C. 355; mere knowledge that vendor is in failing circumstances not enough;
30 C. 15; there must be an actual belief in vendor's intention to defraud, but this may be inferred; 57 C. 221; and purchase
from insolvent for price much under value raises a presumption against him; 38 C. 416; vendee must act in perfect good
faith; 38 C. 490; but conveyance to debtor on agreement for sale and payment to vendor of surplus over debt not necessarily
fraudulent; 33 C. 306; a bona fide purchaser for a good consideration will be protected; 62 C. 451; 65 C. 73; 72 C. 711;
75 C. 635; 76 C. 517; 78 C. 468; id., 679; 87 C. 110; but not if he participates in fraud; 78 C. 414; 83 C. 511; 98 C. 355;
conveyance of legal title to holder of equity; 87 C. 110; rights of purchasers from grantee. 1 C. 527, note; 3 C. 450; 17 C.
492; 37 C. 148; 38 C. 490; 39 C. 406. How far equity will sustain mortgage given on inadequate consideration against
creditors; 19 C. 20; effect of including in mortgage agreement for future support; 15 C. 19; absolute deed to secure debt
and subsequent advances upheld; 46 C. 430; so mortgage by solvent corporation for lawful object; 47 C. 382; but the
provisions of a trust mortgage were held invalid against nonassenting creditors; 49 C. 320; a trust deed good in state where
made as to its residents upheld here as to them; 52 C. 362; failure to record separate defeasance; 85 C. 46; so mortgage;
id., 698. See note to section 47-10. Permitting record title to remain in another. 87 C. 99. Conveying property to one who
agrees to hold it for grantor. 81 C. 626. Assignment of accounts due, not perfected, whereby assignor is given false credit,
is fraudulent. 93 C. 130. Incorporation of business by individual, with transfer of property to it and assumption of liabilities
by it, not prima facie improper. 95 C. 713. Subsequent creditors may impeach where insolvency continuous. 101 C. 699.
Conveyance to son; 103 C. 640; by brothers to sister; 100 C. 713; by administrator to dummy who reconveyed to him and
five of six heirs without consideration; 105 C. 557. Statute is adoption of the common law of fraudulent conveyances and
common law remedy still exists. Conveyance by defendant of interest in marital home to relative set aside as constructively
fraudulent since defendant owed alimony and support to plaintiff, conveyance was for nominal consideration and conveyance rendered defendant insolvent. 184 C. 530, 535, 536, 538.
Retention of possession of personal property. Possession by vendor as evidence of fraud. 3 C. 160; id., 431; 4 C. 450;
5 C. 196; 6 C. 277; 14 C. 240; id., 529; 37 C. 508. The rule does not apply to real estate; 31 C. 428; nor to intangible
property, as shares of stock; 87 C. 601; nor property exempt from execution. 4 C. 450; 46 C. 415. Mere colorable delivery
not enough. 19 C. 460; 20 C. 23; 21 C. 361; id., 604; 101 C. 565. Limitations of rule; 72 C. 509; not wholly applicable as
against receiver; 71 C. 345; nor in case of assignment for benefit of creditors. 14 C. 529; 17 C. 319; but see 21 C. 206.
Effect. 86 C. 372; 89 C. 439. Conclusive evidence of fraud unless explained. 9 C. 63; id., 134; id., 216; 16 C. 505. Right
of creditors to attach. 74 C. 146. Law of conditional sales. 70 C. 505; 77 C. 38; 101 C. 565. Chattel mortgage. 72 C. 510;
77 C. 370; 101 C. 565. Mere words, or acts not constituting taking possession, held insufficient. 86 C. 372; 89 C. 439. Bill
of sale and conditional bill of sale back, with possession in original seller, where transaction was solely to give security
to conditional vendor is fraudulent as to creditors; right to attach. 101 C. 565.
Who may take advantage of fraudulent conveyance. It is good between the parties. 52 C. 371; 68 C. 588; 76 C. 199;
78 C. 416; see 79 C. 18; grantor is at mercy of grantee. 47 C. 235; 53 C. 324; 117 C. 289. Only party injured can object;
78 C. 416; that is, the creditors; 1 R. 489; 10 C. 69; or those who represent them; 67 C. 376; as assignee in insolvency; 49
C. 213; or trustee in insolvency; 75 C. 635; 78 C. 679; or administrator of insolvent estate; 67 C. 456. Rights of creditors
where representative fails to act. 49 C. 214; 71 C. 80. Creditors can proceed only by legal process; 17 C. 492; and may be
estopped by participation; 52 C. 364; and are only entitled to relief so far as necessary to protect them. 79 C. 284. Creditor
must show himself entitled to relief. 67 C. 372; 68 C. 580; 81 C. 626. If conveyance is made with intent to defraud one
creditor, it is voidable as to all; 50 C. 31; 52 C. 441; 131 C. 95; but is voidable, not void. 67 C. 372. Grantee can acquire
no title by possession against creditors; 4 D. 284; but his title is good against an invalid attachment. 62 C. 24. Sale, if
voidable, is so in toto; 39 C. 37; but judgment may be sustained in part. 15 C. 504. Ordinarily only existing creditor can
object; 75 C. 41; 101 C. 697; but conveyance may be in fraud of future creditors; 81 C. 626; so, where there is an unbroken
continuation of debtor's insolvency. 101 C. 699. Right of town to conveyance may be in fraud of future creditors. 81 C.
626. Right of town to attack conveyance by husband which throws wife on it for support. 84 C. 678. Equity will not set
aside fraudulent contract at suit of one of the fraudulent parties. 117 C. 296. Tort claimant is not a creditor within the
fraudulent conveyance statute until claim has been liquidated by a judgment. 142 C. 320.
Cited. 3 CA 522, 523, 529. Cited. 4 CA 33−35, 37. Cited. 10 CA 271, 277, 278. Cited. 18 CA 265, 268. Cited. 23 CA
287, 307, 313.
Conveyance of survivorship interest in home to second wife in order to avoid debt accruing to first wife under a
separation agreement, held to be a fraudulent conveyance. 21 CS 291. Cited. 31 CS 154. Cited. 32 CS 7. Only parties who
have reduced their claims to judgment are creditors under statute; no express statute of limitations applicable to fraudulent
conveyances. 36 CS 277, 279−281. Cited. 37 CS 648, 651.
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(P.A. 91-297, S. 1.)
Cited. 32 CA 537, 551. Cited. 36 CA 305, 312.
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(1) "Affiliate" means: (A) A person who directly or indirectly owns, controls or
holds with power to vote, twenty per cent or more of the outstanding voting securities
of the debtor, other than a person who holds the securities (i) as a fiduciary or agent
without sole discretionary power to vote the securities, or (ii) solely to secure a debt, if
the person has not exercised the power to vote; (B) a corporation twenty per cent or
more of whose outstanding voting securities are directly or indirectly owned, controlled
or held with power to vote, by the debtor or a person who directly or indirectly owns,
controls or holds, with power to vote, twenty per cent or more of the outstanding voting
securities of the debtor, other than a person who holds the securities (i) as a fiduciary
or agent without sole power to vote the securities; or (ii) solely to secure a debt, if the
person has not in fact exercised the power to vote; (C) a person whose business is
operated by the debtor under a lease or other agreement or a person substantially all of
whose assets are controlled by the debtor; or (D) a person who operates the debtor's
business under a lease or other agreement or controls substantially all of the debtor's
assets.
(2) "Asset" means property of a debtor, but the term does not include: (A) Property
to the extent it is encumbered by a valid lien, (B) property to the extent it is generally
exempt under nonbankruptcy law, or (C) 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.
(3) "Claim" means 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.
(4) "Creditor" means a person who has a claim.
(5) "Debt" means liability on a claim.
(6) "Debtor" means a person who is liable on a claim.
(7) "Insider" includes: (A) If the debtor is an individual, (i) a relative of the debtor
or of a general partner of the debtor, (ii) a partnership in which the debtor is a general
partner, (iii) a general partner in a partnership described in subparagraph (ii), or (iv) a
corporation of which the debtor is a director, officer or person in control; (B) if the
debtor is a corporation, (i) a director of the debtor, (ii) an officer of the debtor, (iii) a
person in control of the debtor, (iv) a partnership in which the debtor is a general partner,
(v) a general partner in a partnership described in subparagraph (iv), or (vi) a relative
of a general partner, director, officer or person in control of the debtor; (C) if the debtor
is a partnership, (i) a general partner in the debtor, (ii) a relative of a general partner in,
a general partner of, or a person in control of the debtor, (iii) another partnership in
which the debtor is a general partner, (iv) a general partner in a partnership described
in subparagraph (iii), or (v) a person in control of the debtor; (D) an affiliate, or an
insider of an affiliate as if the affiliate were the debtor; and (E) a managing agent of the
debtor.
(8) "Lien" means a charge against or an interest in property to secure payment
of a debt or performance of an obligation, and 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.
(9) "Person" means an individual, partnership, corporation, limited liability company, association, organization, government or governmental subdivision or agency,
business trust, estate, trust or any other legal or commercial entity.
(10) "Property" means anything that may be the subject of ownership.
(11) "Relative" means an individual related by consanguinity within the third degree as determined by the common law, a spouse or an individual related to a spouse
within the third degree as so determined, and includes an individual in an adoptive
relationship within the third degree.
(12) "Transfer" means 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, and
includes payment of money, release, lease and creation of a lien or other encumbrance.
(13) "Valid lien" means a lien that is effective against the holder of a judicial lien
subsequently obtained by legal or equitable process or proceedings.
(P.A. 91-297, S. 2; P.A. 95-79, S. 177, 189.)
History: P.A. 95-79 redefined "person" to include a limited liability company, effective May 31, 1995.
Subdiv. (2):
Cited. 34 CA 216, 218.
Subdiv. (7):
Cited. 46 CA 399.
Subdiv. (11):
Cited. 34 CA 216, 218.
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(b) A debtor who is generally not paying his debts as they become due is presumed
to be insolvent.
(c) A partnership is insolvent under subsection (a) of this section if the sum of
the partnership's debts is greater than the aggregate, at a fair valuation, of all of the
partnership's assets and the sum of the excess of the value of each general partner's
nonpartnership assets over the partner's nonpartnership debts.
(d) Assets under this section do not include property that has been transferred, concealed or removed with intent to hinder, delay or defraud creditors or that has been
transferred in a manner making the transfer voidable under sections 52-552a to 52-552l,
inclusive.
(e) Debts under this section do not include an obligation to the extent it is secured
by a valid lien on property of the debtor not included as an asset.
(P.A. 91-297, S. 3.)
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(b) For the purposes of subdivision (2) of subsection (a) of section 52-552e and
section 52-552f, a person gives a reasonably equivalent value if the person acquires
an interest of the debtor in an asset pursuant to a regularly conducted, noncollusive
foreclosure sale or execution of a power of sale for the acquisition or disposition of the
interest of the debtor upon default under a mortgage, deed of trust or security agreement.
(c) A transfer is made for present value if the exchange between the debtor and
the transferee is intended by them to be contemporaneous and is in fact substantially
contemporaneous.
(P.A. 91-297, S. 4.)
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(b) In determining actual intent under subdivision (1) of subsection (a) of this section, consideration may be given, among other factors, to whether: (1) The transfer or
obligation was to an insider, (2) the debtor retained possession or control of the property
transferred after the transfer, (3) the transfer or obligation was disclosed or concealed,
(4) before the transfer was made or obligation was incurred, the debtor had been sued
or threatened with suit, (5) the transfer was of substantially all the debtor's assets, (6)
the debtor absconded, (7) the debtor removed or concealed assets, (8) the value of the
consideration received by the debtor was reasonably equivalent to the value of the asset
transferred or the amount of the obligation incurred, (9) the debtor was insolvent or
became insolvent shortly after the transfer was made or the obligation was incurred,
(10) the transfer occurred shortly before or shortly after a substantial debt was incurred,
and (11) the debtor transferred the essential assets of the business to a lienor who transferred the assets to an insider of the debtor.
(P.A. 91-297, S. 5.)
Subsec. (a):
Subdiv. (1) cited. 46 CA 199. Subdiv. (2) cited. Id.
Subsec. (b):
Cited. 46 CA 399.
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(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.
(P.A. 91-297, S. 6.)
Cited. 239 C. 109.
Cited. 46 CA 199.
Subsec. (b):
Cited. 34 CA 216, 218, 219.
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(1) A transfer is made: (A) With respect to an asset that is real property other than
a fixture, but including the interest of a seller or purchaser under a contract for the sale
of the asset, when the transfer is so far perfected that a good-faith purchaser of the asset
from the debtor against whom applicable law permits the transfer to be perfected cannot
acquire an interest in the asset that is superior to the interest of the transferee; and (B)
with respect to an asset that is not real property or that is a fixture, when the transfer is
so far perfected that a creditor on a simple contract cannot acquire a judicial lien otherwise than under sections 52-552a to 52-552l, inclusive, that is superior to the interest
of the transferee;
(2) If applicable law permits the transfer to be perfected as provided in subsection
(1) of this section and the transfer is not so perfected before the commencement of an
action for relief under sections 52-552a to 52-552l, inclusive, the transfer is deemed
made immediately before the commencement of the action;
(3) If applicable law does not permit the transfer to be perfected as provided in
subsection (1) of this section, the transfer is made when it becomes effective between
the debtor and the transferee;
(4) A transfer is not made until the debtor has acquired rights in the asset transferred;
(5) An obligation is incurred: (A) If oral, when it becomes effective between the
parties, or (B) if evidenced by a writing, when the writing executed by the obligor is
delivered to or for the benefit of the obligee.
(P.A. 91-297, S. 7.)
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(b) If a creditor has obtained a judgment on a claim against the debtor, the creditor,
if the court so orders, may levy execution on the asset transferred or its proceeds.
(P.A. 91-297, S. 8.)
Cited. 46 CA 199.
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(b) Except as otherwise provided in this section, to the extent a transfer is voidable
in an action by a creditor under subdivision (1) of subsection (a) of section 52-552h,
the creditor may recover judgment for the value of the asset transferred, as adjusted
under subsection (d) of this section, or the amount necessary to satisfy the creditor's
claim, whichever is less. The judgment may be entered against: (1) The first transferee
of the asset or the person for whose benefit the transfer was made, or (2) any subsequent
transferee other than a good-faith transferee who took for value or from any subsequent
transferee.
(c) If the judgment under subsection (b) of this section is based upon the value of
the asset transferred, the judgment must be for an amount equal to the value of the asset
at the time of the transfer, subject to adjustment as the equities may require.
(d) Notwithstanding voidability of a transfer or an obligation under sections 52-
552a to 52-552l, inclusive, a good-faith transferee or obligee is entitled, to the extent
of the value given the debtor for the transfer or obligation, to (1) a lien on or a right to
retain any interest in the asset transferred; (2) enforcement of any obligation incurred;
or (3) a reduction in the amount of the liability on the judgment.
(e) A transfer is not voidable under subdivision (2) of subsection (a) of section 52-
552e or section 52-552f if the transfer results from termination of a lease upon default
by the debtor when the termination is pursuant to the lease and applicable law.
(f) A transfer is not voidable under subsection (b) of section 52-552f: (1) To the
extent the insider gave new value to or for the benefit of the debtor after the transfer
was made unless the new value was secured by a valid lien, (2) if made in the ordinary
course of business or financial affairs of the debtor and the insider, or (3) if made pursuant
to a good-faith effort to rehabilitate the debtor and the transfer secured present value
given for that purpose as well as an antecedent debt of the debtor.
(P.A. 91-297, S. 9.)
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(P.A. 91-297, S. 10.)
Cited. 46 CA 199.
Subdiv. (1):
Cited. 46 CA 199.
Subdiv. (2):
Cited. 46 CA 199.
Subdiv. (3):
Cited. 46 CA 199.
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(P.A. 91-297, S. 11.)
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