Date: 12/09/2014
Final
COLORADO COMMISSION ON UNIFORM STATE LAWS
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10:05 AM -- Uniform Voidable Transactions Act (formerly the Uniform Fraudulent Transfer Act)
Andy Toft, Colorado Bar Association - Real Estate (RE) Section, addressed two areas of concern. First, regarding Section 10 which puts the governing section of law to be the local law of debtor. There are concerns that suits filed in other states deciding cases regarding Colorado real estate may cause confusion with Colorado law. The RE Section's position is that litigation concerning Colorado real estate should be filed in Colorado and fall under Colorado jurisdiction. The RE Section supports this legislation as long as it is amended to state that Colorado law applies to any litigation involving real estate in Colorado and suggests that the language could be changed to be similar to other uniform laws that provide that the prevailing law is within the state where the interest lies. The second area of concern of the RE Section was with Section 11 regarding series organizations, which Colorado law is not currently in the position to support.
Commissioner Kent pointed out that Section 10 deals with an entity transferring interest and not property. Mr. Toft confirmed that the section's concern is regarding property or deeds and not interests. The Commission briefly discussed amending the language in Section 10. It was decided to proceed with moving with the uniform law to introduction. Meanwhile the Commission will take a closer look at the language, get more clarification from the Uniform Law Commission (ULC), and work on an amendment addressing the RE Section's concerns.
Lori Hulbert, Colorado Bar Association - Elder Law (EL) Section, indicated that a committee has been formed to study this act, but does not currently have a position.