(1) A transfer or obligation is not voidable under section 38-8-105 (1)(a) against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee.
(2) Except as otherwise provided in this section, to the extent a transfer is voidable in an action by a creditor under section 38-8-108 (1)(a), the creditor may recover judgment for the value of the asset transferred, as adjusted under subsection (3) of this section, or the amount necessary to satisfy the creditor's claim, whichever is less. The judgment may be entered against:
(a) The first transferee of the asset or the person for whose benefit the transfer was made; or
(b) Any subsequent transferee other than a good-faith transferee or obligee who took for value or from any subsequent transferee or obligee.
(3) If the judgment under subsection (2) of this section is based upon the value of the asset transferred, the judgment must be for an amount equal to the value of the asset at the time of the transfer, subject to adjustment as the equities may require.
(4) Notwithstanding voidability of a transfer or an obligation under this article, a good- faith transferee or obligee is entitled, to the extent of the value given the debtor for the transfer or obligation, to:
(a) A lien on or a right to retain any interest in the asset transferred;
(b) Enforcement of any obligation incurred; or
(c) A reduction in the amount of the liability on the judgment.
(5) A transfer is not voidable under section 38-8-105 (1)(b) or 38-8-106 if the transfer results from:
(a) Termination of a lease upon default by the debtor when the termination is pursuant to the lease and applicable law; or
(b) Enforcement of a security interest in compliance with the provisions of the "Uniform Commercial Code - Secured Transactions", article 9 of title 4, C.R.S.
(6) A transfer is not voidable under section 38-8-106 (2): (a) To the extent the insider gave new value to or for the benefit of the debtor after the transfer was made unless the new value was secured by a valid lien;
(b) If made in the ordinary course of business or financial affairs of the debtor and the insider; or
(c) If made pursuant to a good-faith effort to rehabilitate the debtor and the transfer secured present value given for that purpose as well as an antecedent debt of the debtor.
Source: L. 91: Entire article added, p. 1687, § 1, effective July 1.
Editor's note - Colorado legislative change: This section was numbered as section 8 in the uniform act. In subsection (2)(b), the phrase "or obligee" has been added after "transferee" the second and third times "transferee" appears.
Notes of Decisions
Double Oak Constr. L.L.C. v. Cornerstone Dev. Int'l, L.L.C., 97 P.3d 140 (Colo. Ct. App. 2003).
· cites it 5× “2002: (1)In an action for relief against a transfer or obligation under this article, a creditor, subject to the limitations in section 38-8-109, may obtain: (a) Avoidance of the transfer or obligation to the extent necessary to satisfy the creditor’s claim; (b) An attachment or…”
Summers v. Perkins, 81 P.3d 1141 (Colo. Ct. App. 2003).
· cites it 8× “) The following section, § 38-8-109, C.R.S.2002, addresses defenses, liability, and protection available to the transferees of property.”
Morris v. Askeland Enter., Inc., 17 P.3d 830 (Colo. Ct. App. 2000).
· cites it 4× “IL Relying upon the court's finding that AEI was operated, as many small businesses are, so that "money would go in and out of the corporation in accordance with the needs of the family and the business," defendants next argue that the money transfers from AEI to Askeland were…”
Tiger v. Anderson, 976 P.2d 308 (Colo. Ct. App. 1998).
· cites it 2× “However, the court also found that because Barrett had given Anderson $30,000 to acquire the parcels, Barrett was entitled to a lien against the parcels in that amount under § 38-8-109(4), C.R.S.1997. I. Anderson first contends that the trial court erred in failing to find that…”
Sands v. New Age Fam. P'ship, Ltd., 897 P.2d 917 (Colo. Ct. App. 1995).
· cites it 2× “, § 38-8-109(1), C.R.S. (1994 Cum.Supp.) (“A transfer or obligation is not voidable under section 38-8-105(l)(a) against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee.”
Fitzgibbons v. Thomason (In Re Thomason), 202 B.R. 768 (Bankr.D. Colo. 1996).
“And, instead of putting the burden of going forward to prove the “honesty” of the transaction in the first instance, the new statute provides that all transferees, including spouses, have certain specific defenses and protections in § 38-8-109. One of those defenses is that the…”
Hill v. Gibson Dunn & Crutcher LLP (In Re MS55, Inc.), 420 B.R. 806 (Bankr.D. Colo. 2009).
· cites it 2× “” C.R.S. § 38-8-109(6)(c). The official comments to this section of the Uniform Fraudulent Transfers Act state that this defense "reflects a policy judgment that an insider who has previously extended credit to a debtor should not be deterred from extending further credit to the…”
Pentelute v. Batenburg (Colo. Ct. App. 2024).
· cites it 4× “Accordingly, we remand the case to the district court to determine the appropriate amount of damages for fraudulent transfer, without enhancement, pursuant to section 38-8-109(2), C.R.S. 2024, under which Pentelute may “recover judgment for the value of the asset transferred, as…”
Home Street v. Castle Rock Senior (Colo. Ct. App. 2026).
· cites it 3× “¶ 29 If a creditor shows that a transfer is voidable under CUFTA, the creditor may receive “a judgment for one and one-half the value of the asset transferred” against the debtor (exemplary damages). § 38-8-108(1)(c), C.”
— Colo. Rev. Stat. § 38-8-109(1) — 3 cases
Sands v. New Age Fam. P'ship, Ltd., 897 P.2d 917 (Colo. Ct. App. 1995).
“, § 38-8-109(1), C.R.S. (1994 Cum.Supp.) (“A transfer or obligation is not voidable under section 38-8-105(l)(a) against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee.”
Home Street v. Castle Rock Senior (Colo. Ct. App. 2026).
“¶ 29 If a creditor shows that a transfer is voidable under CUFTA, the creditor may receive “a judgment for one and one-half the value of the asset transferred” against the debtor (exemplary damages). § 38-8-108(1)(c), C.”
— Colo. Rev. Stat. § 38-8-109(2) — 4 cases
Double Oak Constr. L.L.C. v. Cornerstone Dev. Int'l, L.L.C., 97 P.3d 140 (Colo. Ct. App. 2003).
“2002: (1)In an action for relief against a transfer or obligation under this article, a creditor, subject to the limitations in section 38-8-109, may obtain: (a) Avoidance of the transfer or obligation to the extent necessary to satisfy the creditor’s claim; (b) An attachment or…”
Summers v. Perkins, 81 P.3d 1141 (Colo. Ct. App. 2003).
“) The following section, § 38-8-109, C.R.S.2002, addresses defenses, liability, and protection available to the transferees of property.”
Morris v. Askeland Enter., Inc., 17 P.3d 830 (Colo. Ct. App. 2000).
“IL Relying upon the court's finding that AEI was operated, as many small businesses are, so that "money would go in and out of the corporation in accordance with the needs of the family and the business," defendants next argue that the money transfers from AEI to Askeland were…”
Pentelute v. Batenburg (Colo. Ct. App. 2024).
“Accordingly, we remand the case to the district court to determine the appropriate amount of damages for fraudulent transfer, without enhancement, pursuant to section 38-8-109(2), C.R.S. 2024, under which Pentelute may “recover judgment for the value of the asset transferred, as…”
— Colo. Rev. Stat. § 38-8-109(2)(a)(I) — 1 case
Home Street v. Castle Rock Senior (Colo. Ct. App. 2026).
“¶ 29 If a creditor shows that a transfer is voidable under CUFTA, the creditor may receive “a judgment for one and one-half the value of the asset transferred” against the debtor (exemplary damages). § 38-8-108(1)(c), C.”
— Colo. Rev. Stat. § 38-8-109(4) — 1 case
Tiger v. Anderson, 976 P.2d 308 (Colo. Ct. App. 1998).
“However, the court also found that because Barrett had given Anderson $30,000 to acquire the parcels, Barrett was entitled to a lien against the parcels in that amount under § 38-8-109(4), C.R.S.1997. I. Anderson first contends that the trial court erred in failing to find that…”
— Colo. Rev. Stat. § 38-8-109(5) — 1 case
— Colo. Rev. Stat. § 38-8-109(6)(c) — 1 case
Hill v. Gibson Dunn & Crutcher LLP (In Re MS55, Inc.), 420 B.R. 806 (Bankr.D. Colo. 2009).
“” C.R.S. § 38-8-109(6)(c). The official comments to this section of the Uniform Fraudulent Transfers Act state that this defense "reflects a policy judgment that an insider who has previously extended credit to a debtor should not be deterred from extending further credit to the…”
— Colo. Rev. Stat. § 38-8-109(8) — 1 case
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