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A13CB869A6B61B91872587CA005E22D1 Hearing Summary




PUBLIC
BILL SUMMARY For LLS 22-0692: UNIFORM VOIDABLE TRANSACTIONS ACT

JOINT COMMITTEE COMMITTEE ON COLORADO COMMISSION ON UNIFORM STATE LAWS
Date Jan 14, 2022      
Location HCR 0107



LLS 22-0692: Uniform Voidable Transactions Act - To be introduced as a Commission Bill


10:08:15 AM  

Commissioner Gardner referenced a memo sent to the commission by Mr. Lidstone from the CBA, outlining some proposed changes to the uniform act. Commissioner Levy noted that the commission voted to drop the series provisions and change the choice of law at the December meeting.

 

10:09:49 AM  

Herrick Lidstone, Chair of the CBA Business Law Section's Business Entities Committee, confirmed that the commission bill draft does not include the series provisions and does change the choice of law. He also indicated that he does have a few lingering minor issues that he could discuss with the bill sponsor and drafter and that the provisions in the draft can accomplish some good things for the State of Colorado.

 

10:13:47 AM  

Steve Mulligan, Legislative Liaison for the CBA Business Law Section, stated that he had no further comments or concerns regarding the commission bill draft. He did indicate that there may be some litigation regarding the definition as to when a transfer ensues under the act, but it was not a concern. Commissioner Gardner confirmed with Mr. Mulligan that there was not a legislative fix available to prevent this possible litigation.

         The commission expressed appreciation to Mr. Lidstone, Mr. Mulligan, and the CBA Business Law Section for their work on this act and the years of testimony and discussion, by both the CBA and the commission, leading to the compromises found in order to proceed forward with the act.

         Commissioner Gardner moved that the commission proceed with introducing the Uniform Voidable Transactions Act, as drafted and with the changes discussed, as a commission bill. Commissioner Levy seconded and the motion passed without objection.



10:18:39 AM
Motion Moved that the commission proceed with introducing the Uniform Voidable Transactions Act, as drafted and with the changes discussed, as a commission bill.
Moved Gardner
Seconded
Alicia Duran Excused
Gardner
Thomas Grimshaw Excused
Yelana Love
Donald Mielke
Charley Pike
Sara Scott Excused
Tipper Excused
Claire Levy
Anne McGihon
YES: 0   NO: 0   EXC: 4   ABS:  0   FINAL ACTION:  Pass Without Objection