What is the Minnesota Uniform Transfer Act?
MUFTA is codified in Minnesota Statute’s §513.41 – §513.51.
MUFTA is Minnesota’s adoption of the Uniform Fraudulent Transfer Act (UFTA). When the legislature adopted the Act it was nearly identical to the Uniform Act itself. While the first version of UFTA came into existence in 1918, the law of fraudulent transfers has been around for over 400 years. One of the landmark cases in fraudulent transfer law is the Twyne’s Case from 1601. This case established the precedent that good faith and valuable consideration are required to prevent a fraudulent transfer. MUFTA is intended to codify the remedies a creditor has in retrieving property that a debtor has tried to place out of their hands. Typically, the fight will be between the creditor, attempting to receive payment, and the transferee, in possession of property once owned by the debtor.
The following posts will cover the Minnesota Uniform Transfer Act in detail: