Colorado 2022 Regular Session

Colorado Senate Bill SB122 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	Second Regular Session
2	2	Seventy-third General Assembly
3	3	STATE OF COLORADO
4	4	INTRODUCED
5	5
6	6
7	7	LLS NO. 22-0692.01 Yelana Love x2295
8	8	SENATE BILL 22-122
9	9	Senate Committees House Committees
10	10	Judiciary
11	11	A BILL FOR AN ACT
12	12	C
13	13	ONCERNING THE ENACTMENT OF AMENDMENTS TO THE "COLORADO101
14	14	U
15	15	NIFORM FRAUDULENT TRANSFER ACT" RECOMMENDED BY102
16	16	THE UNIFORM LAW COMMISSION , AND, IN CONNECTION103
17	17	THEREWITH, CHANGING THE NAME OF THE "COLORADO104
18	18	U
19	19	NIFORM FRAUDULENT TRANSFER ACT" TO THE "COLORADO105
20	20	U
21	21	NIFORM VOIDABLE TRANSACTIONS ACT".106
22	22	Bill Summary
23	23	(Note: This summary applies to this bill as introduced and does
24	24	not reflect any amendments that may be subsequently adopted. If this bill
25	25	passes third reading in the house of introduction, a bill summary that
26	26	applies to the reengrossed version of this bill will be available at
27	27	http://leg.colorado.gov/
28	28	.)
29	29	Colorado Commission on Uniform State Laws. In 2014, the
30	30	SENATE SPONSORSHIP
31	31	Gardner,
32	32	HOUSE SPONSORSHIP
33	33	Tipper,
34	34	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
35	35	Capital letters or bold & italic numbers indicate new material to be added to existing statute.
36	36	Dashes through the words indicate deletions from existing statute. Uniform Law Commission approved a set of amendments to the
37	37	"Colorado Uniform Fraudulent Transfer Act". The bill enacts those
38	38	amendments. The principal features of the amendments are:
39	39	! Title change. The title of the act is changed to the
40	40	"Colorado Uniform Voidable Transactions Act" (act).
41	41	! Choice of law. A new provision sets forth a choice of law
42	42	rule applicable to claims for relief of the nature governed
43	43	by the act.
44	44	! Evidentiary matters. New provisions add uniform rules
45	45	allocating the burden of proof and defining the standard of
46	46	proof with respect to claims for relief and defenses under
47	47	the act.
48	48	! Deletion of the special definition of "insolvency" for
49	49	partnerships. The act as originally written set forth a
50	50	special definition of "insolvency" applicable to
51	51	partnerships. The amendments delete the original language,
52	52	with the result that the general definition of insolvency now
53	53	applies to partnerships.
54	54	! Defenses. Defenses available to a transferee or obligee are
55	55	refined as follows:
56	56	! As originally written, the act created a complete
57	57	defense to an action for a fraudulent transfer (which
58	58	renders voidable a transfer made or obligation
59	59	incurred with actual intent to hinder, delay, or
60	60	defraud any creditor of the debtor) if the transferee
61	61	or obligee takes the transfer in good faith and for a
62	62	reasonably equivalent value. The amendments add
63	63	to the act the further requirement that the reasonably
64	64	equivalent value must be given to the debtor.
65	65	! The act created, in a provision derived from the
66	66	federal "Bankruptcy Code", a defense for a
67	67	subsequent transferee (that is, a transferee other
68	68	than the first transferee) that takes a transfer in good
69	69	faith and for value, and for any subsequent
70	70	good-faith transferee from a person. The
71	71	amendments clarify the meaning of the defense by
72	72	rewording it to follow more closely the wording of
73	73	the federal "Bankruptcy Code", which is
74	74	substantially unchanged as of 2014. Among other
75	75	things, the amendments make clear that the defense
76	76	applies to recovery of or from the transferred
77	77	property or its proceeds, by levy or otherwise, as
78	78	well as to an action for a money judgment.
79	79	! The act as originally written created a defense to an
80	80	action for a fraudulent transfer or to avoid a transfer
81	81	SB22-122
82	82	-2- if the transfer results from enforcement of a security
83	83	interest in compliance with the secured transactions
84	84	provisions of the "Uniform Commercial Code". The
85	85	amendments exclude from that defense acceptance
86	86	of collateral in full or partial satisfaction of the
87	87	obligation it secures (a remedy sometimes referred
88	88	to as "strict foreclosure").
89	89	! Medium neutrality. In order to accommodate modern
90	90	technology, the references in the act to a "writing" have
91	91	been replaced with "record" and related changes are made.
92	92	! Style. The amendments make a number of stylistic changes
93	93	that are not intended to change the meaning of the act,
94	94	including retitling of the act.
95	95	Be it enacted by the General Assembly of the State of Colorado:1
96	96	SECTION 1. In Colorado Revised Statutes, amend 38-8-101 as2
97	97	follows:3
98	98	38-8-101. Short title. This article, shall be known and may be
99	99	4
100	100	cited THE SHORT TITLE OF THIS ARTICLE 8, WHICH WAS FORMERLY KNOWN5
101	101	as the "Colorado Uniform Fraudulent Transfer Act",
102	102	IS THE "COLORADO6
103	103	U
104	104	NIFORM VOIDABLE TRANSACTIONS ACT".7
105	105	SECTION 2. In Colorado Revised Statutes, 38-8-102, amend the8
106	106	introductory portion, (1)(a) introductory portion, (1)(a)(II), (1)(b)9
107	107	introductory portion, (1)(b)(I), (1)(d), (3), and (10); and add (7.5), (7.7),10
108	108	(11.5), and (12.5) as follows:11
109	109	38-8-102. Definitions. As used in this article
110	110	ARTICLE 8, unless12
111	111	the context otherwise requires:13
112	112	(1) "Affiliate" means:14
113	113	(a) A person who THAT directly or indirectly owns, controls, or15
114	114	holds with power to vote twenty percent or more of the outstanding16
115	115	voting securities of the debtor, other than a person who THAT holds the17
116	116	securities:18
117	117	SB22-122-3- (II) Solely to secure a debt, if the person has not IN FACT exercised1
118	118	the power to vote;2
119	119	(b) A corporation, twenty percent or more of whose outstanding3
120	120	voting securities are directly or indirectly owned, controlled, or held with4
121	121	power to vote, by the debtor or a person who THAT directly or indirectly5
122	122	owns, controls, or holds with power to vote, twenty percent or more of the6
123	123	outstanding voting securities of the debtor, other than a person who THAT7
124	124	holds the securities:8
125	125	(I) As a fiduciary or agent without sole
126	126	DISCRETIONARY power to9
127	127	vote the securities; or10
128	128	(d) A person who
129	129	THAT operates the debtor's business under a11
130	130	lease or other agreement or controls substantially all of the debtor's assets.12
131	131	(3) "Claim",
132	132	EXCEPT AS USED IN "CLAIM FOR RELIEF", means a13
133	133	right to payment, whether or not the right is reduced to judgment,14
134	134	liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed,15
135	135	undisputed, legal, equitable, secured, or unsecured.16
136	136	(7.5) "E
137	137	LECTRONIC" MEANS RELATING TO TECHNOLOGY HAVING17
138	138	ELECTRICAL, DIGITAL, MAGNETIC , WIRELESS , OPTICAL,18
139	139	ELECTROMAGNETIC, OR SIMILAR CAPABILITIES.19
140	140	(7.7) "E
141	141	NTITY" HAS THE SAME MEANING AS SET FORTH IN SECTION20
142	142	7-90-102
143	143	(20).21
144	144	(10) "Person" means an individual, partnership, corporation,
145	145	22
146	146	association, organization, government or governmental subdivision or23
147	147	agency, business trust, estate, trust, or any other legal or commercial24
148	148	entity HAS THE SAME MEANING AS SET FORTH IN SECTION 7-90-102 (49).25
149	149	(11.5) "R
150	150	ECORD" MEANS INFORMATION THAT IS INSCRIBED ON A26
151	151	TANGIBLE MEDIUM OR THAT IS STORED IN AN ELECTRONIC OR OTHER27
152	152	SB22-122
153	153	-4- MEDIUM AND IS RETRIEVABLE IN PERCEIVABLE FORM .1
154	154	(12.5) "S
155	155	IGN" OR "SIGNATURE" HAS THE SAME MEANING AS SET2
156	156	FORTH IN SECTION 7-90-102 (60.5).3
157	157	SECTION 3. In Colorado Revised Statutes, 38-8-103, amend (2)4
158	158	and (3) as follows:5
159	159	38-8-103. Insolvency. (2) A debtor who
160	160	THAT is generally not6
161	161	paying his THE DEBTOR'S debts as they become due OTHER THAN AS A7
162	162	RESULT OF A BONA FIDE DISPUTE is presumed to be insolvent. THE8
163	163	PRESUMPTION IMPOSES ON THE PARTY AGAINST WHICH THE PRESUMPTION9
164	164	IS DIRECTED THE BURDEN OF PROVING THAT THE NONEXISTENCE OF10
165	165	INSOLVENCY IS MORE PROBABLE THAN ITS EXISTENCE .11
166	166	(3) A partnership is insolvent under subsection (1) of this section12
167	167	if the sum of the partnership's debts is greater than the aggregate of all of13
168	168	the partnership's assets, at a fair valuation, and the sum of the excess of14
169	169	the value of each general partner's nonpartnership assets over the partner's15
170	170	nonpartnership debts A DEBTOR THAT IS INSOLVENT WITHIN THE MEANING16
171	171	OF THE FEDERAL BANKRUPTCY LAW IS INSOLVENT .17
172	172	SECTION 4. In Colorado Revised Statutes, 38-8-104, amend (2)18
173	173	as follows:19
174	174	38-8-104. Value. (2) For the purposes of sections 38-8-10520
175	175	38-8-105 (1)(b) and 38-8-106, a person gives a reasonably equivalent21
176	176	value if the person acquires an interest of the debtor in an asset pursuant22
177	177	to a regularly conducted, noncollusive sale, foreclosing on assets subject23
178	178	to a lien, or pursuant to the execution of a power of sale for the24
179	179	acquisition or disposition of the interest of the debtor upon default under25
180	180	a mortgage, deed of trust, or security agreement.26
181	181	SECTION 5. In Colorado Revised Statutes, 38-8-105, amend (1)27
182	182	SB22-122
183	183	-5- introductory portion, (1)(b)(II), (2) introductory portion, and (2)(k); and1
184	184	add (3) as follows:2
185	185	38-8-105. Transfer or obligation voidable as to present or3
186	186	future creditor. (1) A transfer made or obligation incurred by a debtor4
187	187	is fraudulent VOIDABLE as to a creditor, whether the creditor's claim arose5
188	188	before or after the transfer was made or the obligation was incurred, if the6
189	189	debtor made the transfer or incurred the obligation:7
190	190	(b) Without receiving a reasonably equivalent value in exchange8
191	191	for the transfer or obligation, and the debtor:9
192	192	(II) Intended to incur, or believed or reasonably should have10
193	193	believed that he THE DEBTOR would incur, debts beyond his THE DEBTOR'S11
194	194	ability to pay as they became due.12
195	195	(2) In determining actual intent under paragraph (a) of subsection13
196	196	(1) SUBSECTION (1)(a) of this section, consideration may be given, among14
197	197	other factors, to whether:15
198	198	(k) The debtor transferred the essential assets of the business to16
199	199	a lienor who THAT transferred the assets to an insider of the debtor.17
200	200	(3) A
201	201	CREDITOR MAKING A CLAIM FOR RELIEF UNDER SUBSECTION18
202	202	(1)
203	203	OF THIS SECTION HAS THE BURDEN OF PROVING THE ELEMENTS OF THE19
204	204	CLAIM FOR RELIEF BY A PREPONDERANCE OF THE EVIDENCE .20
205	205	SECTION 6. In Colorado Revised Statutes, amend 38-8-106 as21
206	206	follows:22
207	207	38-8-106. Transfer or obligation voidable as to present23
208	208	creditor. (1) A transfer made or obligation incurred by a debtor is24
209	209	fraudulent
210	210	VOIDABLE as to a creditor whose claim arose before the25
211	211	transfer was made or the obligation was incurred if the debtor made the26
212	212	transfer or incurred the obligation without receiving a reasonably27
213	213	SB22-122
214	214	-6- equivalent value in exchange for the transfer or obligation and the debtor1
215	215	was insolvent at that time or the debtor became insolvent as a result of the2
216	216	transfer or obligation.3
217	217	(2) A transfer made by a debtor is fraudulent VOIDABLE as to a4
218	218	creditor whose claim arose before the transfer was made if the transfer5
219	219	was made to an insider for an antecedent debt, the debtor was insolvent6
220	220	at that time, and the insider had reasonable cause to believe that the7
221	221	debtor was insolvent.8
222	222	(3) S
223	223	UBJECT TO SECTION 38-8-103 (2), A CREDITOR MAKING A9
224	224	CLAIM FOR RELIEF UNDER SUBSECTION (1) OR (2) OF THIS SECTION HAS THE10
225	225	BURDEN OF PROVING THE ELEMENTS OF THE CLAIM FOR RELIEF BY A11
226	226	PREPONDERANCE OF THE EVIDENCE .12
227	227	SECTION 7. In Colorado Revised Statutes, 38-8-107, amend (1)13
228	228	introductory portion, (1)(a)(I), (4), and (5)(b) as follows:14
229	229	38-8-107. When transfer is made or obligation is incurred.15
230	230	(1) For the purposes of this article
231	231	ARTICLE 8:16
232	232	(a) A transfer is made:17
233	233	(I) With respect to an asset that is real property other than a18
234	234	fixture, but including the interest of a seller or purchaser under a contract19
235	235	for the sale of the asset, when the transfer is so far perfected that a20
236	236	good-faith purchaser of the asset from the debtor against whom WHICH21
237	237	applicable law permits the transfer to be perfected cannot acquire an22
238	238	interest in the asset that is superior to the interest of the transferee; and23
239	239	(4) A transfer is not made until the debtor has acquired rights in24
240	240	the asset transferred.25
241	241	(5) An obligation is incurred:26
242	242	(b) If evidenced by a writing RECORD, when the writing executed27
243	243	SB22-122
244	244	-7- RECORD SIGNED by the obligor is delivered to or for the benefit of the1
245	245	obligee.2
246	246	SECTION 8. In Colorado Revised Statutes, 38-8-108, amend (1)3
247	247	introductory portion, (1)(b), and (1)(c) as follows:4
248	248	38-8-108. Remedies of creditor. (1) In an action for relief5
249	249	against a transfer or obligation under this article ARTICLE 8, a creditor,6
250	250	subject to the limitations in section 38-8-109, may obtain:7
251	251	(b) An attachment or other provisional remedy against the asset8
252	252	transferred or other property of the transferee in accordance with the9
253	253	procedure prescribed by the Colorado rules of civil procedure IF10
254	254	AVAILABLE UNDER APPLICABLE LAW ;11
255	255	(c) With respect to a transfer made or obligation incurred that is12
256	256	fraudulent VOIDABLE under section 38-8-105 (1)(a), a judgment for one13
257	257	and one-half the value of the asset transferred or for one and one-half the14
258	258	amount necessary to satisfy the creditor's claim, whichever is less,15
259	259	together with the creditor's actual costs; except that any judgment entered16
260	260	against a person under this paragraph (c) SUBSECTION (1)(c) is in lieu of,17
261	261	not in addition to, a judgment against the same person under section18
262	262	38-8-109 (2). No judgment may be entered pursuant to this paragraph (c)19
263	263	SUBSECTION (1)(c) against a person other than the debtor unless that20
264	264	person also acts with wrongful intent as defined in section 38-8-10521
265	265	(1)(a); otherwise, judgment for money damages against a person other22
266	266	than the debtor may be entered only as provided in section 38-8-109. No23
267	267	judgment may be entered under this paragraph (c) SUBSECTION (1)(c)24
268	268	unless a court of competent jurisdiction enters or has entered a judgment25
269	269	or order establishing the validity of the creditor's claim against the debtor.26
270	270	SECTION 9. In Colorado Revised Statutes, 38-8-109, amend (1),27
271	271	SB22-122
272	272	-8- (2), (4) introductory portion, (4)(a), (4)(b), (5)(b), and (6)(a); and add (7)1
273	273	and (8) as follows:2
274	274	38-8-109. Defenses, liability, and protection of transferee or3
275	275	obligee. (1) A transfer or obligation is not voidable under section4
276	276	38-8-105 (1)(a) against a person who THAT took in good faith and for a5
277	277	reasonably equivalent value
278	278	GIVEN TO THE DEBTOR or against any6
279	279	subsequent transferee or obligee.7
280	280	(2) T
281	281	O THE EXTENT A TRANSFER IS
282	282	AVOIDABLE IN AN ACTION BY A8
283	283	CREDITOR UNDER SECTION 38-8-108 (1)(a), THE FOLLOWING RULES APPLY:9
284	284	(a) Except as otherwise provided in this section, to the extent a10
285	285	transfer is voidable in an action by a creditor under section 38-8-108 (1)11
286	286	(a), the creditor may recover judgment for the value of the asset12
287	287	transferred, as adjusted under subsection (3) of this section, or the amount13
288	288	necessary to satisfy the creditor's claim, whichever is less. The judgment14
289	289	may be entered against:15
290	290	(a) (I) The first transferee of the asset or the person for whose16
291	291	benefit the transfer was made; or17
292	292	(b) (II) Any subsequent AN IMMEDIATE OR MEDIATE transferee OF18
293	293	THE FIRST TRANSFEREE, other than:19
294	294	(A) A good-faith transferee or obligee who THAT took for value;20
295	295	or from any subsequent transferee or obligee.21
296	296	(B) A
297	297	N IMMEDIATE OR MEDIATE GOOD -FAITH TRANSFEREE OF A22
298	298	PERSON DESCRIBED IN SUBSECTION (2)(a)(II)(A) OF THIS SECTION.23
299	299	(b) R
300	300	ECOVERY PURSUANT TO SECTION 38-8-108 (1)(a) OR (2) OF24
301	301	OR FROM THE ASSET TRANSFERRED OR ITS PROCEEDS , BY LEVY OR25
302	302	OTHERWISE, IS AVAILABLE ONLY AGAINST A PERSON DESCRIBED IN26
303	303	SUBSECTION (2)(a)(I) OR (2)(a)(II) OF THIS SECTION.27
304	304	SB22-122
305	305	-9- (4) Notwithstanding voidability of a transfer or an obligation1
306	306	under this article ARTICLE 8, a good-faith transferee or obligee is entitled,2
307	307	to the extent of the value given the debtor for the transfer or obligation,3
308	308	to:4
309	309	(a) A lien on or a right to retain any AN interest in the asset5
310	310	transferred;6
311	311	(b) Enforcement of any AN obligation incurred; or7
312	312	(5) A transfer is not voidable under section 38-8-105 (1)(b) or8
313	313	38-8-106 if the transfer results from:9
314	314	(b) Enforcement of a security interest in compliance with the10
315	315	provisions of the "Uniform Commercial Code - Secured Transactions",11
316	316	article 9 of title 4, C.R.S., OTHER THAN ACCEPTANCE OF COLLATERAL IN12
317	317	FULL OR PARTIAL SATISFACTION OF THE OBLIGATION IT SECURES .13
318	318	(6) A transfer is not voidable under section 38-8-106 (2):14
319	319	(a) To the extent the insider gave new value to or for the benefit15
320	320	of the debtor after the transfer was made, unless EXCEPT TO THE EXTENT16
321	321	the new value was secured by a valid lien;17
322	322	(7) T
323	323	HE FOLLOWING RULES DETERMINE THE BURDEN OF PROVING18
324	324	MATTERS REFERRED TO IN THIS SECTION:19
325	325	(a) A
326	326	PARTY THAT SEEKS TO INVOKE SUBSECTION (1), (4), (5), OR20
327	327	(6)
328	328	OF THIS SECTION HAS THE BURDEN OF PROVING THE APPLICABILITY OF21
329	329	THAT SUBSECTION.22
330	330	(b) E
331	331	XCEPT AS PROVIDED IN SUBSECTIONS (7)(c) AND (7)(d) OF23
332	332	THIS SECTION, THE CREDITOR HAS THE BURDEN OF PROVING EACH24
333	333	APPLICABLE ELEMENT OF SUBSECTION (2) OR (3) OF THIS SECTION.25
334	334	(c) T
335	335	HE TRANSFEREE HAS THE BURDEN OF PROVING THE26
336	336	APPLICABILITY TO THE TRANSFEREE OF SUBSECTION (2)(a)(II)(A) OR27
337	337	SB22-122
338	338	-10- (2)(a)(II)(B) OF THIS SECTION.1
339	339	(d) A
340	340	PARTY THAT SEEKS ADJUSTMENT UNDER SUBSECTION (3) OF2
341	341	THIS SECTION HAS THE BURDEN OF PROVING THE ADJUSTMENT .3
342	342	(8) T
343	343	HE STANDARD OF PROOF REQUIRED TO ESTABLISH MATTERS4
344	344	REFERRED TO IN THIS SECTION IS PREPONDERANCE OF THE EVIDENCE .5
345	345	SECTION 10. In Colorado Revised Statutes, amend 38-8-110 as6
346	346	follows:7
347	347	38-8-110. Extinguishment of claim for relief. (1) A cause of
348	348	8
349	349	action CLAIM FOR RELIEF with respect to a fraudulent transfer or9
350	350	obligation under this article ARTICLE 8 is extinguished unless action is10
351	351	brought:11
352	352	(a) Under section 38-8-105 (1)(a), within NOT LATER THAN four12
353	353	years after the transfer was made or the obligation was incurred or, if13
354	354	later, within NOT LATER THAN one year after the transfer or obligation was14
355	355	or could reasonably have been discovered by the claimant;15
356	356	(b) Under section 38-8-105 (1)(b) or 38-8-106 (1), within NOT16
357	357	LATER THAN four years after the transfer was made or the obligation was17
358	358	incurred; or18
359	359	(c) Under section 38-8-106 (2), within NOT LATER THAN one year19
360	360	after the transfer was made. or the obligation was incurred.20
361	361	SECTION 11. In Colorado Revised Statutes, add 38-8-110.3 and21
362	362	38-8-113 as follows:22
363	363	38-8-110.3. Governing law. (1) I
364	364	N THIS SECTION, THE23
365	365	FOLLOWING RULES DETERMINE A DEBTOR 'S LOCATION:24
366	366	(a) A
367	367	DEBTOR WHO IS AN INDIVIDUAL IS LOCATED AT THE25
368	368	INDIVIDUAL'S PRINCIPAL RESIDENCE.26
369	369	(b) A
370	370	DEBTOR THAT IS AN ENTITY AND HAS ONLY ONE PLACE OF27
371	371	SB22-122
372	372	-11- BUSINESS IS LOCATED AT ITS PLACE OF BUSINESS.1
373	373	(c) A
374	374	DEBTOR THAT IS AN ENTITY AND HAS MORE THAN ONE PLACE2
375	375	OF BUSINESS IS LOCATED AT ITS CHIEF EXECUTIVE OFFICE.3
376	376	(2) A
377	377	CLAIM FOR RELIEF IN THE NATURE OF A CLAIM FOR RELIEF4
378	378	UNDER THIS ARTICLE 8 IS GOVERNED BY THE LOCAL LAW OF THE5
379	379	JURISDICTION IN WHICH THE DEBTOR OR ASSET IS LOCATED WHEN THE6
380	380	TRANSFER IS MADE OR THE OBLIGATION IS INCURRED .7
381	381	38-8-113. Relation to electronic signatures in federal8
382	382	"Electronic Signatures in Global and National Commerce Act". T
383	383	HIS9
384	384	ARTICLE 8 MODIFIES, LIMITS, OR SUPERSEDES THE FEDERAL "ELECTRONIC10
385	385	S
386	386	IGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT", 15 U.S.C. SEC.11
387	387	7001
388	388	ET SEQ., BUT DOES NOT MODIFY, LIMIT, OR SUPERSEDE SECTION 10112
389	389	(c)
390	390	OF THAT ACT, 15 U.S.C. SEC. 7001 (c), OR AUTHORIZE ELECTRONIC13
391	391	DELIVERY OF ANY OF THE NOTICES DESCRIBED IN SECTION 103 (b) OF THAT14
392	392	ACT, 15 U.S.C. SEC. 7003 (b).15
393	393	SECTION 12. In Colorado Revised Statutes, 2-5-102, amend (7)16
394	394	as follows:17
395	395	2-5-102. Inclusions - nonstatutory. (7) There shall be included18
396	396	in the publication of the "Colorado Uniform Fraudulent Transfer Act"
397	397	19
398	398	"C
399	399	OLORADO UNIFORM VOIDABLE TRANSACTIONS ACT", as nonstatutory20
400	400	matter, following each section of the article, the full text of the official21
401	401	comments to that section contained in the official volume containing the22
402	402	1984 official text of the "Uniform Fraudulent Transfer Act" issued by the23
403	403	National Conference of Commissioners on Uniform State Laws,24
404	404	INCLUDING CHANGES TO THE OFFICIAL COMMENTS MADE BY THE 201425
405	405	AMENDMENTS TO THE UNIFORM ACT , with any changes in the official26
406	406	comments or Colorado comments to correspond to Colorado changes in27
407	407	SB22-122
408	408	-12- the uniform act. The comments shall be prepared by the revisor of statutes1
409	409	and approved for publication by the committee on legal services.2
410	410	SECTION 13. Act subject to petition - effective date -3
411	411	applicability. (1) This act takes effect at 12:01 a.m. on the day following4
412	412	the expiration of the ninety-day period after final adjournment of the5
413	413	general assembly; except that, if a referendum petition is filed pursuant6
414	414	to section 1 (3) of article V of the state constitution against this act or an7
415	415	item, section, or part of this act within such period, then the act, item,8
416	416	section, or part will not take effect unless approved by the people at the9
417	417	general election to be held in November 2022 and, in such case, will take10
418	418	effect on the date of the official declaration of the vote thereon by the11
419	419	governor.12
420	420	(2) This act applies to transactions occurring on or after the13
421	421	applicable effective date of this act.14
422	422	SB22-122
423	423	-13-