The statute of limitations for avoidance of a transfer is four years.

Allows for a one-year discovery rule extension from the time "the transfer or obligation was or could reasonably have been discovered by the claimant" 

(NY DCL § 278).

The statute of limitations is six years (see New York Consolidated Laws, Civil Practice Law and Rules - CVP § 213, providing the statute of limitations for fraud, among other actions).

The discovery rule is two years under the general discovery rule CPLR § 213(8).

Shortens statute of limitations to bring avoidance actions.

Includes a shortened discovery rule.

The standard of proof to avoid a transaction under UVTA is a preponderance of the evidence (NY DCL § 273(c) and § 277(h)).

The transferee has the burden to show it took possession in good faith and for reasonably equivalent value (NY DCL §277(g)(1)).

The transferee has the burden to prove the new value defense in a preference action (NY DCL § 277(g)(1)).

The creditor has the burden to prove each element of a voidable transaction as listed in NY DCL § 273(a). (NY DCL § 273(c)).

The standard of proof is clear and convincing evidence, adopted from civil fraud case law.

The UVTA adopts the lesser standard of proof by a preponderance of the evidence. Previously, the standard was clear and convincing evidence.

The creditor must establish each prong of the cause of action. 

The transferee must prove any affirmative defense.

Transfers are voidable regarding all creditors whether made with actual or constructive fraudulent intent (NY DCL § 273).

This section largely tracks section 548, Bankruptcy Code.

Transfers are only avoidable regarding all creditors if made with actual intent to defraud (NY DCL § 276).

The transferor's intent is not relevant. 

Constructive fraud is added to the causes of action.

Provides that a "transfer made by a debtor is voidable as to a creditor whose claim arose before the transfer was made if the transfer was made to an insider for an antecedent debt, the debtor was insolvent at that time, and the insider had reasonable cause to believe that the debtor was insolvent" (NY DCL § 274(b)).

No provision for avoiding insider preferences.

Adds the right to avoid insider preferences.

A claim under the UVTA is controlled by the law where the debtor is located at the time of the voidable transaction (NY DCL § 279(b)).

The NY DCL does not contain a provision for choice of law.  Controlling law is determined on a case by case basis by case law or non-NY DCL statutes.

Choice of law is the location of the debtor/transferor.

This provision has been deleted. Transfers of partnership assets are analyzed in the same manner as other transfers. The factors to be considered in determining if a transfer was made with actual intent include whether the transfer was made to an insider (NY DCL § 273(b)(1)).  

The definition of "insider" includes the following:

(NY DCL § 270(h)).

Transfers of partnership assets to a partner are per se fraudulent as to creditors of the partnership (NY DCL § 277).

Transfers of partnership assets to a partner are analyzed under the same criteria as any other transaction.

The factors to be considered in determining if a transfer was made with actual intent include whether the debtor was sued before the transfer (NY DCL § 273(b)(4)).

A transfer by a defendant in a lawsuit for insufficient consideration is per se fraudulent regarding the creditor who brought the lawsuit (NY DCL § 273-a).

Transfers made during a pending lawsuit are no longer per se fraudulent if made without "fair consideration," but are now just one of the badges of fraud to be considered.

A sale of real property is deemed to be for "reasonably equivalent value" if sold in a "regularly conducted" foreclosure sale (see BFP v. Resolution Trust Corporation, 511 U.S. 531 (1994)(finding reasonably equivalent value under section 548(a)(2) of the Bankruptcy Code is not the same as fair market value. If foreclosure follows state law, reasonably equivalent value is presumed)) (NY DCL § 272(b)).

A foreclosure sale could be avoided under case law interpreting NY DCL § 273 and § 274 and as a fraudulent conveyance under Section 548 of the bankruptcy code  (see County of Clinton v. Warehouse at Van Buren Street, Inc., 496 B.R. 278 (N.D.N.Y. 2013)). 

A transfer of real property occurs "when the transfer is so far perfected that a good faith purchaser … cannot acquire" a superior interest (NY DCL § 275 (a)(1)).

A transfer of personal property or fixtures occurs "when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien … that is superior to the interest of the transferee" (NY DCL § 275(a)(2)).

"[A]n obligation is incurred: (1) if oral, when it becomes effective between the parties; or (2) if evidenced by a record, when the record signed by the obligor is delivered to or for the benefit of the obligee"(NY DCL § 275(e)).

No provision defining when the transfer occurs.

Clarifies when the voidable transaction occurs.

Attorney's fees are awarded in any avoidance action where creditor prevails, regardless of intent. (NY DCL § 276-a)).

Attorney's fees are awarded to a creditor only for actual fraud, but not for constructive fraud (NY DCL § 276-a).

Attorney's fees are awarded in a successful avoidance action for actual and constructive fraud.