Date: 08/05/2015
Final
2.b.ii. Uniform Voidable Transactions Act Amendments (2014)
COMMITTEE ON COLORADO COMMISSION ON UNIFORM STATE LAWS
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10:48 AM -- 2.b.ii. Uniform Voidable Transactions Act Amendments (2014)
10:48 AM -- Andy Toft, CBA Real Estate Section, indicated that the section remains concerned with sections 10 (governing law) and 11 (series organizations) in the uniform law and have been in contact with the ULC. Some specific points of concern include jurisdiction over lis pendens, which currently can be filed with respect to Colorado real property only in Colorado courts, §38-35-110, C.R.S.), notice requirements when transferring property, enforcing decisions from other states, and conflicts with existing venue laws. The commission pointed out that it is not uncommon for other jurisdictions to determine Colorado property disputes, such as in divorce decrees from other states involving Colorado property.
11:09 AM -- Victoria Bantz, CBA Business Law Section, stated that this section also has objections to the choice of governing law and series organization provisions in the act. The section is would like to work with commissioners on determining how to best address these issues. The commission suggested that as series corporations do exist in other states Colorado law should address how to handle them. The series language could use the language added to last year's version stating that "nothing in this act shall be deemed to authorize the creation or formation of a series organization in Colorado". The commission could also consider deleting the series language.