HBA-MPM, NRS H.B. 1051 77(R)    BILL ANALYSIS


Office of House Bill AnalysisH.B. 1051
By: Goodman
Business & Industry
3/12/2001
Introduced



BACKGROUND AND PURPOSE 

Current law specifies that a transfer of assets made or obligation incurred
by a debtor to a third party is fraudulent if the debtor made the transfer
or incurred the obligation to intentionally hinder, delay, or defraud a
creditor.  If a creditor has obtained a judgment on a claim against a
debtor, the creditor, if the court so orders, may levy execution on the
asset transferred or its proceeds.  However, there are no provisions in
current law that allow a creditor relief from associated costs in locating
and collecting the fraudulently transferred assets.  House Bill 1051
authorizes a court to award reasonable costs and attorney's fees incurred
relating to the recovery of fraudulently transferred assets. 

RULEMAKING AUTHORITY
It is the opinion of the Office of House Bill Analysis that this bill does
not expressly delegate any additional rulemaking authority to a state
officer, department, agency, or institution. 

ANALYSIS
House Bill 1051 amends the Business & Commerce Code to authorize the court
to award costs and reasonable attorney's fees as are equitable and just in
any proceeding under the Uniform Fraudulent Transfer Act. 

EFFECTIVE DATE
September 1, 2001.