428.029. Transfers fraudulent as to present creditors.
Transfers fraudulent as to present creditors.
428.029. 1. A transfer made or obligation incurred by adebtor is fraudulent as to a creditor whose claim arose beforethe transfer was made or the obligation was incurred if thedebtor made the transfer or incurred the obligation withoutreceiving a reasonably equivalent value in exchange for thetransfer or obligation and the debtor was insolvent at that timeor the debtor became insolvent as a result of the transfer orobligation.
2. A transfer made by a debtor is fraudulent as to acreditor whose claim arose before the transfer was made if thetransfer was made to an insider for an antecedent debt, thedebtor was insolvent at that time, and the insider had reasonablecause to believe that the debtor was insolvent.
(L. 1992 S.B. 448)