36-101. Repealed. Laws 1980, LB 814, § 14.

36-102. Repealed. Laws 1980, LB 814, § 14.

36-103. Interest in land; how created.

No estate or interest in land, other than leases for a term of one year from the making thereof, nor any trust or power over or concerning lands, or in any manner relating thereto, shall hereafter be created, granted, assigned, surrendered, or declared, unless by operation of law, or by deed of conveyance in writing, subscribed by the party creating, granting, assigning, surrendering or declaring the same.

Source:R.S.1866, c. 43, § 62, p. 292; Laws 1903, c. 44, § 1, p. 311; R.S.1913, § 2623; C.S.1922, § 2451; C.S.1929, § 36-103; R.S.1943, § 36-103.


Annotations

36-104. Interest in land; how created; devises; trusts by operation of law.

Section 36-103 shall not be construed to affect in any manner the power of a testator in the disposition of his real estate by a last will and testament, nor to prevent any trust from arising or being extinguished by implication or operation of law.

Source:R.S.1866, c. 43, § 63, p. 292; R.S.1913, § 2624; C.S.1922, § 2452; C.S.1929, § 36-104; R.S.1943, § 36-104.


Annotations

36-105. Contracts for lease or sale of lands; when void.

Every contract for the leasing for a longer period than one year, or for the sale of any lands, shall be void unless the contract or some note or memorandum thereof be in writing and signed by the party by whom the lease or sale is to be made.

Source:R.S.1866, c. 43, § 64, p. 293; R.S.1913, § 2625; C.S.1922, § 2453; C.S.1929, § 36-105; R.S.1943, § 36-105.


Annotations

36-106. Contracts for lease or sale of lands; specific performance.

Nothing contained in sections 36-103 to 36-106 shall be construed to abridge the powers of a court of equity to compel the specific performance of agreements in cases of part performance.

Source:R.S.1866, c. 43, § 65, p. 293; R.S.1913, § 2626; C.S.1922, § 2454; C.S.1929, § 36-106; R.S.1943, § 36-106.


Annotations

36-107. Sale of lands; owner's contract with agent or broker; when void.

Every contract for the sale of lands between the owner thereof and any broker or agent employed to sell the same, shall be void, unless the contract is in writing and subscribed by the owner of the land and the broker or agent. Such contract shall describe the land to be sold, and set forth the compensation to be allowed by the owner in case of sale by the broker or agent.

Source:Laws 1897, c. 57, § 1, p. 304; R.S.1913, § 2628; C.S.1922, § 2456; C.S.1929, § 36-108; R.S.1943, § 36-107.


Annotations

36-201. Repealed. Laws 1980, LB 814, § 14.

36-202. Agreements; writing required, when.

In the following cases every agreement shall be void, unless such agreement, or some note or memorandum thereof, be in writing, and subscribed by the party to be charged therewith: (1) Every agreement that, by its terms, is not to be performed within one year from the making thereof; (2) every special promise to answer for the debt, default, or misdoings of another person; (3) every agreement, promise or undertaking made upon consideration of marriage, except mutual promises to marry; (4) every special promise by an executor or administrator to answer damages out of his own estate; and (5) every agreement for the repurchase of corporate stocks, bonds or other securities.

Source:R.S.1866, c. 43, § 67, p. 293; R.S.1913, § 2630; C.S.1922, § 2458; C.S.1929, § 36-202; Laws 1937, c. 88, § 1, p. 289; C.S.Supp.,1941, § 36-202; R.S.1943, § 36-202.


Annotations

36-203. Auctioneer's memorandum, how construed.

Whenever goods shall be sold at public auction, and the auctioneer shall, at the time of the sale, enter in a sale book a memorandum specifying the nature and price of the property sold, the terms of sale, the name of the purchaser, and the name of the person on whose account the sale is made, such memorandum shall be deemed a note of the contract of sale within the meaning of section 2-201, Uniform Commercial Code.

Source:R.S.1866, c. 43, § 69, p. 294; R.S.1913, § 2632; C.S.1922, § 2460; C.S.1929, § 36-204; R.S.1943, § 36-203; Laws 1972, LB 1056, § 1.    


36-204. Repealed. Laws 1980, LB 814, § 14.

36-205. Repealed. Laws 1980, LB 814, § 14.

36-206. Repealed. Laws 1980, LB 814, § 14.

36-207. Repealed. Laws 1963, c. 544, art. 10, § 1.

36-208. Repealed. Laws 1963, c. 544, art. 10, § 1.

36-209. Repealed. Laws 1963, c. 544, art. 10, § 1.

36-210. Repealed. Laws 1963, c. 544, art. 10, § 1.

36-211. Motion picture films; contracts for rental; deposits a trust fund; safekeeping.

Whenever money shall be deposited or advanced as security on a contract for the use or rental of motion picture films, reels or views, and to secure the performance of the contract or to be applied to payments upon such contract when due, such money, with interest accruing thereon, if any, until repaid or so applied, shall continue to be the money of the person, association or corporation making such deposit or advance and shall be a trust fund in the possession of the person, association or corporation with whom such deposit or advance shall be made, and shall be deposited in a bank or trust company within the State of Nebraska, and shall not be mingled with other funds or become an asset of such trustee.

Source:Laws 1921, c. 196, § 1, p. 716; C.S.1922, § 2468; C.S.1929, § 36-212; R.S.1943, § 36-211.


36-212. Motion picture films; contracts for rental; deposits; waiver of rights void.

Any provision of a contract whereby a person, association or corporation, who has deposited or advanced money on a contract for the use or rental of motion picture films, reels, or views as personal property, waives any provision of section 36-211, is void.

Source:Laws 1921, c. 196, § 2, p. 716; C.S.1922, § 2469; C.S.1929, § 36-213; R.S.1943, § 36-212.


36-213. Assignment of wages by head of family; similar transactions; limitations; when void.

Except as provided in the Income Withholding for Child Support Act, every assignment of the wages or earnings of the head of a family and every contract or agreement intending or purporting to have the effect of such assignment shall be void unless such contract, agreement, assignment, or transfer is executed and acknowledged by both husband and wife in the same manner that conveyances of real estate are required to be signed and acknowledged by the laws of this state and shall be limited to a percentage of the wages of the head of household not greater than that subject to the operation of attachment, execution, and garnishee process as provided in section 25-1558. Nothing contained in this section shall be construed to void payroll deductions by the employer if such wages or earnings so deducted are for (1) purchase of government bonds, (2) contributions to charity, or (3) payment of employee organization dues, of group or individual insurance premiums, of pension assessments, to credit unions, or for a savings plan, in accordance with a written order of the employee which has been accepted by the employer. Every such assignment shall specify the employer who will pay the wages that are the subject of the assignment, and the assignment shall be valid only as to wages due from the employer or employers so specified. It shall be unlawful for any person, firm, corporation, company, partnership, limited liability company, or business institution to cause any employer by any such void assignment or by notice of any such void assignment to withhold the payment of any wages due the head of a family.

Source:Laws 1939, c. 39, § 1, p. 195; C.S.Supp.,1941, § 36-214; R.S.1943, § 36-213; Laws 1949, c. 99, § 1(1), p. 273; Laws 1969, c. 287, § 1, p. 1056; Laws 1972, LB 781, § 1;    Laws 1993, LB 121, § 198;    Laws 1994, LB 1224, § 41.    


Cross References

36-213.01. Assignment of wages by head of family; violation; penalty.

Any person, firm, corporation, company, partnership, limited liability company, or business institution that violates section 36-213 shall (1) be liable to the party injured through such violation thereof for the amount of the wages withheld by any employer under such void assignment or notice of such void assignment, with all costs and expenses and a reasonable attorney's fee to be recovered in any court of competent jurisdiction in this state, and (2) be guilty of a Class IV misdemeanor.

Source:Laws 1939, c. 39, § 1, p. 195; C.S.Supp.,1941, § 36-214; R.S.1943, § 36-213; Laws 1949, c. 99, § 1(2), p. 274; Laws 1977, LB 40, § 171;    Laws 1993, LB 121, § 199.    


36-301. Repealed. Laws 1963, c. 544, art. 10, § 1.

36-302. Repealed. Laws 1963, c. 544, art. 10, § 1.

36-303. Repealed. Laws 1963, c. 544, art. 10, § 1.

36-401. Repealed. Laws 1980, LB 814, § 14.

36-402. Lands; estate and interest in lands, defined.

The term lands, as used in sections 36-402 to 36-409, shall be construed as coextensive in meaning with lands, tenements, and hereditaments, and the term estate and interest in lands, shall be construed to embrace every estate and interest, freehold and chattel, legal and equitable, present and future, vested and contingent, in lands, as above described.

Source:R.S.1866, c. 43, § 81, p. 296; R.S.1913, § 2627; C.S.1922, § 2455; C.S.1929, § 36-107; R.S.1943, § 36-402.


36-403. Repealed. Laws 1980, LB 814, § 14.

36-404. Grant or assignment of existing trust; when void.

Every grant or assignment of any existing trust in lands, goods or things in action, unless the same shall be in writing, subscribed by the party making the same, shall be void.

Source:R.S.1866, c. 43, § 77, p. 296; R.S.1913, § 2645; C.S.1922, § 2555; C.S.1929, § 36-403; R.S.1943, § 36-404.


36-405. Repealed. Laws 1980, LB 814, § 14.

36-406. Repealed. Laws 1980, LB 814, § 14.

36-407. Repealed. Laws 1980, LB 814, § 14.

36-408. Consideration; how proved.

The consideration of any contract or agreement, required by the provisions of sections 36-103 to 36-106 and 36-202 to be in writing, need not be set forth in the contract or agreement or in the note or memorandum thereof, but may be proved by any other legal evidence.

Source:R.S.1866, c. 43, § 83, p. 296; R.S.1913, § 2649; C.S.1922, § 2559; C.S.1929, § 36-407; R.S.1943, § 36-408; Laws 1971, LB 15, § 1.    


Annotations

36-409. Agent; authority to subscribe.

Every instrument required by any of the provisions of sections 36-103 to 36-106, 36-202, and 36-402 to 36-409 to be subscribed by any party, may be subscribed by his agent thereunto authorized by writing.

Source:R.S.1866, c. 43, § 84, p. 297; R.S.1913, § 2650; C.S.1922, § 2560; C.S.1929, § 36-408; R.S.1943, § 36-409; Laws 1971, LB 15, § 2.    


Annotations

36-501. Repealed. Laws 1963, c. 544, art. 10, § 1.

36-502. Repealed. Laws 1963, c. 544, art. 10, § 1.

36-601. Repealed. Laws 1989, LB 423, § 13.

36-602. Repealed. Laws 1989, LB 423, § 13.

36-603. Repealed. Laws 1989, LB 423, § 13.

36-604. Repealed. Laws 1989, LB 423, § 13.

36-605. Repealed. Laws 1989, LB 423, § 13.

36-606. Repealed. Laws 1989, LB 423, § 13.

36-607. Repealed. Laws 1989, LB 423, § 13.

36-608. Repealed. Laws 1989, LB 423, § 13.

36-609. Repealed. Laws 1989, LB 423, § 13.

36-610. Repealed. Laws 1989, LB 423, § 13.

36-610.01. Repealed. Laws 1989, LB 423, § 13.

36-611. Repealed. Laws 1989, LB 423, § 13.

36-612. Repealed. Laws 1989, LB 423, § 13.

36-613. Repealed. Laws 1989, LB 423, § 13.

36-701. Repealed. Laws 2019, LB70, § 20.

36-702. Repealed. Laws 2019, LB70, § 20.

36-703. Repealed. Laws 2019, LB70, § 20.

36-704. Repealed. Laws 2019, LB70, § 20.

36-705. Repealed. Laws 2019, LB70, § 20.

36-706. Repealed. Laws 2019, LB70, § 20.

36-707. Repealed. Laws 2019, LB70, § 20.

36-708. Repealed. Laws 2019, LB70, § 20.

36-709. Repealed. Laws 2019, LB70, § 20.

36-710. Repealed. Laws 2019, LB70, § 20.

36-711. Repealed. Laws 2019, LB70, § 20.

36-712. Repealed. Laws 2019, LB70, § 20.

36-801. Short title.

Sections 36-801 to 36-815 shall be known and may be cited as the Uniform Voidable Transactions Act.

Source:Laws 2019, LB70, § 1.    


Annotations

36-802. Definitions.

As used in the Uniform Voidable Transactions Act:

(1) Affiliate means:

(i) a person that directly or indirectly owns, controls, or holds with power to vote, twenty percent or more of the outstanding voting securities of the debtor, other than a person that holds the securities:

(A) as a fiduciary or agent without sole discretionary power to vote the securities; or

(B) solely to secure a debt, if the person has not in fact exercised the power to vote;

(ii) a corporation twenty percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor or a person that directly or indirectly owns, controls, or holds, with power to vote, twenty percent or more of the outstanding voting securities of the debtor, other than a person that holds the securities:

(A) as a fiduciary or agent without sole discretionary power to vote the securities; or

(B) solely to secure a debt, if the person has not in fact exercised the power to vote;

(iii) a person whose business is operated by the debtor under a lease or other agreement, or a person substantially all of whose assets are controlled by the debtor; or

(iv) a person that operates the debtor's business under a lease or other agreement or controls substantially all of the debtor's assets.

(2) Asset means property of a debtor, but the term does not include:

(i) property to the extent it is encumbered by a valid lien;

(ii) property to the extent it is generally exempt under nonbankruptcy law; or

(iii) 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.

(3) Claim, except as used in claim for relief, means 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.

(4) Creditor means a person that has a claim.

(5) Debt means liability on a claim.

(6) Debtor means a person that is liable on a claim.

(7) Electronic means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.

(8) Insider includes:

(i) if the debtor is an individual:

(A) a relative of the debtor or of a general partner of the debtor;

(B) a partnership in which the debtor is a general partner;

(C) a general partner in a partnership described in subdivision (8)(i)(B) of this section; or

(D) a corporation of which the debtor is a director, officer, or person in control;

(ii) if the debtor is a corporation:

(A) a director of the debtor;

(B) an officer of the debtor;

(C) a person in control of the debtor;

(D) a partnership in which the debtor is a general partner;

(E) a general partner in a partnership described in subdivision (8)(ii)(D) of this section; or

(F) a relative of a general partner, director, officer, or person in control of the debtor;

(iii) if the debtor is a partnership:

(A) a general partner in the debtor;

(B) a relative of a general partner in, a general partner of, or a person in control of the debtor;

(C) another partnership in which the debtor is a general partner;

(D) a general partner in a partnership described in subdivision (8)(iii)(C) of this section; or

(E) a person in control of the debtor;

(iv) an affiliate, or an insider of an affiliate as if the affiliate were the debtor; and

(v) a managing agent of the debtor.

(9) Lien means a charge against or an interest in property to secure payment of a debt or performance of an obligation, and 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.

(10) Organization means a person other than an individual.

(11) Person means an individual, estate, partnership, association, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal or commercial entity.

(12) Property means anything that may be the subject of ownership.

(13) Record means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

(14) Relative means an individual related by consanguinity within the third degree as determined by the common law, a spouse, or an individual related to a spouse within the third degree as so determined, and includes an individual in an adoptive relationship within the third degree.

(15) Sign means, with present intent to authenticate or adopt a record:

(i) to execute or adopt a tangible symbol; or

(ii) to attach to or logically associate with the record an electronic symbol, sound, or process.

(16) Transfer means 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, and includes payment of money, release, lease, license, and creation of a lien or other encumbrance.

(17) Valid lien means a lien that is effective against the holder of a judicial lien subsequently obtained by legal or equitable process or proceedings.

Source:Laws 2019, LB70, § 2.    


Annotations

36-803. Insolvency.

(a) A debtor is insolvent if, at a fair valuation, the sum of the debtor's debts is greater than the sum of the debtor's assets.

(b) A debtor that is generally not paying the debtor's debts as they become due other than as a result of a bona fide dispute is presumed to be insolvent. The presumption imposes on the party against which the presumption is directed the burden of proving that the nonexistence of insolvency is more probable than its existence.

(c) Assets under this section do not include property that has been transferred, concealed, or removed with intent to hinder, delay, or defraud creditors or that has been transferred in a manner making the transfer voidable under the Uniform Voidable Transactions Act.

(d) Debts under this section do not include an obligation to the extent it is secured by a valid lien on property of the debtor not included as an asset.

Source:Laws 2019, LB70, § 3.    


36-804. Value.

(a) Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is secured or satisfied, but value does not include an unperformed promise made otherwise than in the ordinary course of the promisor's business to furnish support to the debtor or another person.

(b) For the purposes of subdivision (a)(2) of section 36-805 and section 36-806, a person gives a reasonably equivalent value if the person acquires an interest of the debtor in an asset pursuant to a regularly conducted, noncollusive foreclosure sale or execution of a power of sale for the acquisition or disposition of the interest of the debtor upon default under a mortgage, deed of trust, or security agreement.

(c) A transfer is made for present value if the exchange between the debtor and the transferee is intended by them to be contemporaneous and is in fact substantially contemporaneous.

Source:Laws 2019, LB70, § 4.    


36-805. Transfer or obligation voidable as to present or future creditor.

(a) A transfer made or obligation incurred by a debtor is voidable as to a creditor, whether the creditor's claim arose before or after the transfer was made or the obligation was incurred, if the debtor made the transfer or incurred the obligation:

(1) with actual intent to hinder, delay, or defraud any creditor of the debtor; or

(2) without receiving a reasonably equivalent value in exchange for the transfer or obligation, and the debtor:

(i) was engaged or was about to engage in a business or a transaction for which the remaining assets of the debtor were unreasonably small in relation to the business or transaction; or

(ii) intended to incur, or believed or reasonably should have believed that the debtor would incur, debts beyond the debtor's ability to pay as they became due.

(b) In determining actual intent under subdivision (a)(1) of this section, consideration may be given, among other factors, to whether:

(1) the transfer or obligation was to an insider;

(2) the debtor retained possession or control of the property transferred after the transfer;

(3) the transfer or obligation was disclosed or concealed;

(4) before the transfer was made or obligation was incurred, the debtor had been sued or threatened with suit;

(5) the transfer was of substantially all the debtor's assets;

(6) the debtor absconded;

(7) the debtor removed or concealed assets;

(8) the value of the consideration received by the debtor was reasonably equivalent to the value of the asset transferred or the amount of the obligation incurred;

(9) the debtor was insolvent or became insolvent shortly after the transfer was made or the obligation was incurred;

(10) the transfer occurred shortly before or shortly after a substantial debt was incurred; and

(11) the debtor transferred the essential assets of the business to a lienor that transferred the assets to an insider of the debtor.

(c) A creditor making a claim for relief under subsection (a) of this section has the burden of proving the elements of the claim for relief by a preponderance of the evidence.

Source:Laws 2019, LB70, § 5.    


36-806. Transfer or obligation voidable as to present creditor.

(a) A transfer made or obligation incurred by a debtor is voidable as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange for the transfer or obligation and the debtor was insolvent at that time or the debtor became insolvent as a result of the transfer or obligation.

(b) 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.

(c) Subject to subsection (b) of section 36-803, a creditor making a claim for relief under subsection (a) or (b) of this section has the burden of proving the elements of the claim for relief by a preponderance of the evidence.

Source:Laws 2019, LB70, § 6.    


36-807. When transfer is made or obligation is incurred.

For the purposes of the Uniform Voidable Transactions Act:

(1) a transfer is made:

(i) with respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good-faith purchaser of the asset from the debtor against which applicable law permits the transfer to be perfected cannot acquire an interest in the asset that is superior to the interest of the transferee; and

(ii) with respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien otherwise than under the Uniform Voidable Transactions Act that is superior to the interest of the transferee;

(2) if applicable law permits the transfer to be perfected as provided in subdivision (1) of this section and the transfer is not so perfected before the commencement of an action for relief under the act, the transfer is deemed made immediately before the commencement of the action;

(3) if applicable law does not permit the transfer to be perfected as provided in subdivision (1) of this section, the transfer is made when it becomes effective between the debtor and the transferee;

(4) a transfer is not made until the debtor has acquired rights in the asset transferred; and

(5) an obligation is incurred:

(i) if oral, when it becomes effective between the parties; or

(ii) if evidenced by a record, when the record signed by the obligor is delivered to or for the benefit of the obligee.

Source:Laws 2019, LB70, § 7.    


36-808. Remedies of creditor.

(a) In an action for relief against a transfer or obligation under the Uniform Voidable Transactions Act, a creditor, subject to the limitations in section 36-809, may obtain:

(1) avoidance of the transfer or obligation to the extent necessary to satisfy the creditor's claim;

(2) an attachment or other provisional remedy against the asset transferred or other property of the transferee if available under applicable law; and

(3) subject to applicable principles of equity and in accordance with applicable rules of civil procedure:

(i) an injunction against further disposition by the debtor or a transferee, or both, of the asset transferred or of other property;

(ii) appointment of a receiver to take charge of the asset transferred or of other property of the transferee; or

(iii) any other relief the circumstances may require.

(b) If a creditor has obtained a judgment on a claim against the debtor, the creditor, if the court so orders, may levy execution on the asset transferred or its proceeds.

Source:Laws 2019, LB70, § 8.    


Annotations

36-809. Defenses, liability, and protection of transferee or obligee.

(a) A transfer or obligation is not voidable under subdivision (a)(1) of section 36-805 against a person that took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee.

(b) To the extent a transfer is avoidable in an action by a creditor under subdivision (a)(1) of section 36-808, the following rules apply:

(1) Except as otherwise provided in this section, the creditor may recover judgment for the value of the asset transferred, as adjusted under subsection (c) of this section, or the amount necessary to satisfy the creditor's claim, whichever is less. The judgment may be entered against:

(i) the first transferee of the asset or the person for whose benefit the transfer was made; or

(ii) an immediate or mediate transferee of the first transferee, other than:

(A) a good-faith transferee that took for value; or

(B) an immediate or mediate good-faith transferee of a person described in subdivision (b)(1)(ii)(A) of this section.

(2) Recovery pursuant to subdivision (a)(1) or subsection (b) of section 36-808 of or from the asset transferred or its proceeds, by levy or otherwise, is available only against a person described in subdivision (b)(1)(i) or (ii) of this section.

(c) If the judgment under subsection (b) 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.

(d) Notwithstanding voidability of a transfer or an obligation under the Uniform Voidable Transactions Act, a good faith transferee or obligee is entitled, to the extent of the value given the debtor for the transfer or obligation, to:

(1) a lien on or a right to retain an interest in the asset transferred;

(2) enforcement of an obligation incurred; or

(3) a reduction in the amount of the liability on the judgment.

(e) A transfer is not voidable under subdivision (a)(2) of section 36-805 or section 36-806 if the transfer results from:

(1) termination of a lease upon default by the debtor when the termination is pursuant to the lease and applicable law; or

(2) enforcement of a security interest in compliance with article 9, Uniform Commercial Code, other than acceptance of collateral in full or partial satisfaction of the obligation it secures.

(f) A transfer is not voidable under subsection (b) of section 36-806:

(1) to the extent the insider gave new value to or for the benefit of the debtor after the transfer was made, except to the extent the new value was secured by a valid lien;

(2) if made in the ordinary course of business or financial affairs of the debtor and the insider; or

(3) 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.

(g) The following rules determine the burden of proving matters referred to in this section:

(1) A party that seeks to invoke subsection (a), (d), (e), or (f) of this section has the burden of proving the applicability of that subsection.

(2) Except as otherwise provided in subdivisions (g)(3) and (4) of this section, the creditor has the burden of proving each applicable element of subsection (b) or (c) of this section.

(3) The transferee has the burden of proving the applicability to the transferee of subdivision (b)(1)(ii)(A) or (B) of this section.

(4) A party that seeks adjustment under subsection (c) of this section has the burden of proving the adjustment.

(h) The standard of proof required to establish matters referred to in this section is preponderance of the evidence.

Source:Laws 2019, LB70, § 9.    


Annotations

36-810. Extinguishment of claim for relief.

A claim for relief with respect to a transfer or obligation under the Uniform Voidable Transactions Act is extinguished unless action is brought:

(1) under subdivision (a)(1) of section 36-805, not later than four years after the transfer was made or the obligation was incurred or, if later, not later than one year after the transfer or obligation was or could reasonably have been discovered by the claimant;

(2) under subdivision (a)(2) of section 36-805 or subsection (a) of section 36-806, not later than four years after the transfer was made or the obligation was incurred; or

(3) under subsection (b) of section 36-806, not later than one year after the transfer was made.

Source:Laws 2019, LB70, § 10.    


36-811. Governing law.

(a) In this section, the following rules determine a debtor's location:

(1) A debtor who is an individual is located at the individual's principal residence.

(2) A debtor that is an organization and has only one place of business is located at its place of business.

(3) A debtor that is an organization and has more than one place of business is located at its chief executive office.

(b) A claim for relief in the nature of a claim for relief under the Uniform Voidable Transactions Act is governed by the local law of the jurisdiction in which the debtor is located when the transfer is made or the obligation is incurred.

Source:Laws 2019, LB70, § 11.    


36-812. Application to series organization.

(a) In this section:

(1) Protected series means an arrangement, however denominated, created by a series organization that, pursuant to the law under which the series organization is organized, has the characteristics set forth in subdivision (2) of this subsection.

(2) Series organization means an organization that, pursuant to the law under which it is organized, has the following characteristics:

(i) The organic record of the organization provides for creation by the organization of one or more protected series, however denominated, with respect to specified property of the organization, and for records to be maintained for each protected series that identify the property of or associated with the protected series;

(ii) Debt incurred or existing with respect to the activities of, or property of or associated with, a particular protected series is enforceable against the property of or associated with the protected series only, and not against the property of or associated with the organization or other protected series of the organization; and

(iii) Debt incurred or existing with respect to the activities or property of the organization is enforceable against the property of the organization only, and not against the property of or associated with a protected series of the organization.

(b) A series organization and each protected series of the organization is a separate person for purposes of the Uniform Voidable Transactions Act, even if for other purposes a protected series is not a person separate from the organization or other protected series of the organization.

Source:Laws 2019, LB70, § 12.    


36-813. Supplementary provisions.

Unless displaced by the provisions of the Uniform Voidable Transactions Act, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validating or invalidating cause, supplement its provisions.

Source:Laws 2019, LB70, § 13.    


36-814. Uniformity of application and construction.

The Uniform Voidable Transactions Act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of the act among states enacting it.

Source:Laws 2019, LB70, § 14.    


36-815. Relation to Electronic Signatures in Global and National Commerce Act.

The Uniform Voidable Transactions Act modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001 et seq., as the act existed on September 1, 2019, but does not modify, limit, or supersede section 101(c) of that act, 15 U.S.C. 7001(c), or authorize electronic delivery of any of the notices described in section 103(b) of that act, 15 U.S.C. 7003(b).

Source:Laws 2019, LB70, § 15.