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Fraudulent Transfer Act: Act allowing a creditor to sue a debtor who intended to defraud a creditor by transferring property to another person without receiving reasonably equivalent value in return. In other words, if a business does not pay off its debts before selling its assets, the creditors of the business can void the transfer or get a judgment against the new owner of the assets and seize them to pay the debts. Most states have adopted this Act or an older version of it.

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