12 Pa. Cons. Stat. § 5101
Short title of chapter and definitions.
PART IV
COMMERCIAL PROTECTION
Chapter
51. Voidable Transactions
53. Trade Secrets
55. Legitimate Cannabis-related Business
56. Self-service Storage Facilities
57. Incentive-based Savings Program
Part Heading. Part IV heading was added October 22, 2014, P.L.2569, No.161, effective in 60 days.
Prior Provisions. Part IV (Reserved) heading was added November 27, 2013, P.L.1081, No.98, and repealed October 22, 2014, P.L.2569, No.161, effective in 60 days.
CHAPTER 51
VOIDABLE TRANSACTIONS
Sec.
5101. Short title of chapter and definitions.
5102. Insolvency.
5103. Value.
5104. Transfer or obligation voidable as to present or future creditor.
5105. Transfer or obligation voidable as to present creditor.
5106. When transfer is made or obligation is incurred.
5107. Remedies of creditor.
5108. Defenses, liability and protection of transferee or obligee.
5109. Extinguishment of claim for relief.
5110. Governing law.
5111. Application to series organization.
5112. Supplementary provisions.
5113. Uniformity of application and construction.
5114. Relation to Electronic Signatures in Global and National Commerce Act.
Enactment. Chapter 51 was added December 3, 1993, P.L.479, No.70, effective in 60 days.
Chapter Heading. The heading of Chapter 51 was amended December 22, 2017, P.L.1249, No.78, effective in 60 days.
Cross References. Chapter 51 is referred to in section 368 of Title 15 (Corporations and Unincorporated Associations); section 4352 of Title 23 (Domestic Relations).
§ 5101. Short title of chapter and definitions.
(a) Short title of chapter.--This chapter, that was formerly cited as the Pennsylvania Uniform Fraudulent Transfer Act, shall be known and may be cited as the Pennsylvania Uniform Voidable Transactions Act.
(b) Definitions.--The following words and phrases when used in this chapter shall have the meanings given to them in this subsection unless the context clearly indicates otherwise:
"Asset." Property of a debtor. The term does not include:
(1) property to the extent it is encumbered by a valid lien;
(2) property to the extent it is generally exempt under nonbankruptcy law; or
(3) an interest in property held in tenancy by the entireties to the extent it is not subject to process by a creditor holding a claim against only one tenant.
"Claim." Except as used in "claim for relief," a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured.
"Creditor." A person that has a claim.
"Debt." Liability on a claim.
"Debtor." A person that is liable on a claim.
"Electronic." Relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities.
"Lien." A charge against or an interest in property to secure payment of a debt or performance of an obligation. The term includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common law lien or a statutory lien.
"Organization." A person other than an individual.
"Person." An individual, partnership, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, trust or instrumentality or other legal entity.
"Property." Anything that may be the subject of ownership.
"Record." Information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
"Sign." With present intent to authenticate or adopt a record:
(1) to execute or adopt a tangible symbol; or
(2) to attach to or logically associate with the record an electronic symbol, sound or process.
"Transfer." Every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset. The term includes payment of money, release, lease, license and creation of a lien or other encumbrance.
"Valid lien." A lien that is effective against the holder of a judicial lien subsequently obtained by legal or equitable process or proceedings.
(Dec. 22, 2017, P.L.1249, No.78, eff. 60 days)
2017 Amendment. See section 7 of Act 78 in the appendix to this title for special provisions relating to applicability.