Bill Text: GA SB299 | 2011-2012 | Regular Session | Comm Sub

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Bill Title: Uniform Fraudulent Transfers Act; define certain terms; provide charitable contribution made to a charitable contribution; good faith

Spectrum: Moderate Partisan Bill (Democrat 4-1)

Status: (Introduced - Dead) 2012-03-07 - Senate Tabled [SB299 Detail]

Download: Georgia-2011-SB299-Comm_Sub.html

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12 LC 29 5176S

The Senate Judiciary Committee offered the following substitute to SB 299:

A BILL TO BE ENTITLED
AN ACT

To amend Article 4 of Chapter 2 of Title 18 of the Official Code of Georgia Annotated, the "Uniform Fraudulent Transfers Act," so as to provide for a definition; to provide that a charitable contribution made to a charitable organization shall not be deemed a fraudulent transfer when the charitable organization receives such contribution in good faith; to provide for related matters; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Article 4 of Chapter 2 of Title 18 of the Official Code of Georgia Annotated, the "Uniform Fraudulent Transfers Act," is amended by adding a new Code section to read as follows:

"18-2-81.

(a) As used in this Code section, the term 'charitable organization' means a religious, benevolent, philanthropic, patriotic, or eleemosynary organization qualified as tax-exempt under Section 501(c)(3) of the federal Internal Revenue Code of 1986, as amended.

(b) Transfers made to a charitable organization shall not be considered fraudulent within the meaning of this article and shall not be subject to avoidance, attachment, recapture, or other relief when a charitable organization receives such transfer without any knowledge that the transfer was made fraudulently within the meaning of this article."

SECTION 2.

All laws and parts of laws in conflict with this Act are repealed.