Motorworld, Inc. v. William Benkendorf077009)

The Uniform Fraudulent Transfer Act (UFTA), N.J.S.A. 25:2-20 to -34, provides that a transfer made by a debtor is constructively fraudulent as to a creditor whose claim arose before the transfer was made, if the debtor made the transfer without receiving “reasonably equivalent value” in exchange for the transfer and the debtor was insolvent at that time or became insolvent as a result of the transfer. N.J.S.A. 25:2-27(a). In order to constitute “reasonably equivalent value” for purposes of the UFTA, the “value” must be received by and for the benefit of the debtor-transferor, not for the…