A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING CHAPTER 24 TO TITLE 27 SO AS TO ENACT THE “UNIFORM VOIDABLE TRANSACTIONS ACT”, TO STRENGTHEN CREDITOR PROTECTIONS BY PROVIDING REMEDIES FOR CERTAIN TRANSACTIONS BY A DEBTOR THAT ARE UNFAIR TO THE DEBTOR’S CREDITORS, TO PROVIDE CHOICE OF LAW RULES, AND TO DEFINE NECESSARY TERMS. Be it enacted by the General Assembly of the State of South Carolina: SECTION 1. This act may be cited as the “Uniform Voidable Transactions Act”. SECTION 2. Title 27 of the 1976 Code is amended by adding: 24 “CHAPTER Voidable Transactions As used in this chapter: “Section 272410. (1) ‘Affiliate’ means: (a) 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: (i) as a fiduciary or agent without sole discretionary power to vote the securities; or (ii) solely to secure a debt, if the person has not in fact exercised the power to vote; (b) a corporation twenty percent or more of whose outstanding voting securities are directly or indirectly owned,
A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING CHAPTER 24 TO TITLE 27 SO AS TO ENACT THE “UNIFORM VOIDABLE TRANSACTIONS ACT”, TO STRENGTHEN CREDITOR PROTECTIONS BY PROVIDING REMEDIES FOR CERTAIN TRANSACTIONS BY A DEBTOR THAT ARE UNFAIR TO THE DEBTOR’S CREDITORS, TO PROVIDE CHOICE OF LAW RULES, AND TO DEFINE NECESSARY TERMS. Be it enacted by the General Assembly of the State of South Carolina: SECTION 1. This act may be cited as the “Uniform Voidable Transactions Act”. SECTION 2. Title 27 of the 1976 Code is amended by adding: “CHAPTER 24 Voidable Transactions “Section 272410. As used in this chapter: (1) ‘Affiliate’ means: (a) 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: (i) as a fiduciary or agent without sole discretionary power to vote the securities; or (ii) solely to secure a debt, if the person has not in fact exercised the power to vote; (b) a corporation twenty percent or more of whose outstanding voting securities are directly or indirectly owned,
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