Jay Adkisson & David Slenn's Four-Part Series: Understanding the Uniform Voidable Transactions Act Webinar 2
Recording and Slides are Available Here .
This segment answers the question: What is a voidable transaction? Many planners are surprised to learn that the voidable transaction laws cast a much wider net than commonly believed. The five tests for a voidable transaction are discussed in depth: Insolvency Test, Insider Test, Capitalization Test, Equity-Sense Insolvency Test, and the catch-all Intent Test that has snared many an otherwise well-structured asset protection plan. The Badges of Fraud are also considered in this segment.
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Jay Adkisson is a partner of Riser Adkisson LLP with offices in Las Vegas and Newport Beach, and is admitted to practice in Arizona, California, Nevada, Oklahoma and Texas. Jay was the first Chair of the American Bar Association Business Law Section's Committee on Captive Insurance, and served as a Business Law Section Advisor to the drafting committees of the Uniform Voidable Transactions Act (adopted 2014) and the Uniform LLC Protected Series Act (adopted 2017). Jay currently serves as a Business Law Section Advisor to the Canada-U.S. Harmonization Project for the Uniform Foreign Enforcement of Judgments Act. With Chris Riser, Jay wrote the book "Asset Protection: Concepts & Strategies" (McGraw-Hill 2003). He also writes the Wealth Conservation column for Forbes.com, and has twice been an expert witness to the U.S. Senate Finance Committee. Jay.'s practice concentrates in the area of creditor-debtor law, both judgment enforcement and debtor defense, and bankruptcy. Jay has also twice been appointed a court receiver in post-judgment enforcement actions.
David Slenn is a partner in the law firm of Shumaker, Loop & Kendrick and concentrates his practice in tax, estate and business planning with an emphasis on risk mitigation. Dave is the current Chair for the Captive Insurance Committee in the Business Law Section of the American Bar Association (ABA) and a past Chair for the Asset Protection Planning Committee in the Section of Real Property Trusts and Estate Law of the ABA. Additionally, he was an ABA Advisor to the Uniform Law Commission Drafting Committee for the Uniform Voidable Transactions Act (formerly the “Uniform Fraudulent Transfer Act.”) Dave’s background in tax, risk mitigation and transactional planning enables him to provide audit and feasibility analysis related to captive insurance companies, including companies seeking a Section 831(b) election under the Internal Revenue Code, for use in mergers and acquisitions, pre-audit review and tax controversy matters. His work with the Uniform Law Commission and former role as Chair of the ABA’s Asset Protection Committee provides a strong foundation for assisting creditors, debtors and their respective counsel in fraudulent transfer matters involved with sophisticated estate, business and asset protection programs, including analysis relating to advisor liability and ethical issues (e.g., aiding & abetting, conspiracy, malpractice and ethical violations.)