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.
(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.)
Plain language of section demonstrates that Uniform Fraudulent Transfer Act was enacted specifically to expand range
of a creditor's remedies beyond the common-law property and proceeds rule. 266 C. 1. Section does not vest court with
unfettered discretion to award damages to creditors who have failed to avail themselves of all the protections afforded
under Uniform Fraudulent Transfers Act. Id.
Cited. 46 CA 199.
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.
(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.)
Plain language of section demonstrates that Uniform Fraudulent Transfer Act was enacted specifically to expand range
of a creditor's remedies beyond the common-law property and proceeds rule. 266 C. 1.
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.
(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.
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.
(P.A. 91-297, S. 11.)