PA 17-50—SB 1021

Judiciary Committee

AN ACT REVISING THE UNIFORM FRAUDULENT TRANSFER ACT

SUMMARY: The Uniform Fraudulent Transfer Act protects creditors by, among other things, providing ways to determine which transfers and obligations are fraudulent and allowing the court to void these transfers and obligations (CGS 52-552a et seq.).

Under this act, transfers and obligations against a higher education institution are not voidable if the transfer was made or obligation was incurred by a minor or adult child's parent or guardian on the child's behalf for his or her undergraduate education. The act thus limits the ability of a creditor of a parent or guardian to have tuition payments voided to fulfill a debt to the creditor.

EFFECTIVE DATE: October 1, 2017