A. The provisions of the Uniform Voidable Transactions Act:
(1) apply to a transfer made or obligation incurred on or after January 1, 2016; but
(2) do not apply to:
(a) a transfer made or an obligation incurred before January 1, 2016; or
(b) a right of action that has accrued before January 1, 2016.
B. A transfer made or an obligation incurred before January 1, 2016 and the rights, obligations and interests flowing from that transfer or obligation are governed by the Uniform Fraudulent Transfer Act as if the Uniform Voidable Transactions Act had not been enacted and may be terminated, completed, consummated or enforced pursuant to the Uniform Fraudulent Transfer Act.
C. For the purposes of this section, a transfer is made and an obligation is incurred at the time provided in Section 56-10-20 NMSA 1978.
History: 1978 Comp., § 56-10-29, enacted by Laws 2015, ch. 54, § 24.
Effective dates. — Laws 2015, ch. 54, § 25 made Laws 2015, ch. 54, § 24 effective January 1, 2016.
Structure 2021 New Mexico Statutes
Chapter 56 - Commercial Instruments and Transactions
Article 10 - Uniform Voidable Transactions
Section 56-10-1 to 56-10-13 - Repealed.
Section 56-10-14 - Short title.
Section 56-10-15 - Definitions.
Section 56-10-16 - Insolvency.
Section 56-10-18 - Transfer or obligation voidable as to present or future creditor.
Section 56-10-19 - Transfer or obligation voidable as to present creditor.
Section 56-10-20 - When transfer is made or obligation is incurred.
Section 56-10-21 - Remedies of creditor.
Section 56-10-22 - Defenses, liability and protection of transferee or obligee.
Section 56-10-23 - Extinguishment of cause of action.
Section 56-10-24 - Governing law.
Section 56-10-25 - Application to series organization.
Section 56-10-26 - Supplementary provisions.
Section 56-10-27 - Uniformity of application and construction.
Section 56-10-28 - Relation to Electronic Signatures in Global and National Commerce Act.