Law360, New York ( March 10, 2017, 1:28 PM EST) -- In January 2017, a bill was introduced in the New York State Assembly to repeal New York's version of the Uniform Fraudulent Conveyance Act and replace it with the Uniform Voidable Transaction Act, adopted by the Uniform Law Commission in 2014. The time has come for New York to finally modernize its fraudulent conveyance laws (New York first adopted the UFCA in 1925, seven years after the law was initially approved by the Uniform Law Commission, and the law has not been materially updated since) and bring them into conformity with the law of most other states and the U.S. Bankruptcy Code. New York has long been regarded as a center of commerce and seeks to retain that position in an ever-changing world. New York's adoption of the UVTA would aid that goal by ensuring that the state's law remains predicable by removing conflicts between New York law and the laws of most other U.S. jurisdictions....