Issue: Under the Minnesota Uniform Fraudulent Transfer Act (MUFTA), when will a creditor be said to have a claim?
| Area of Law: | Bankruptcy & Creditors Rights |
| Keywords: | Minnesota Uniform Fraudulent Transfer Act (MUFTA); Claim; Right to payment |
| Jurisdiction: | Federal, Minnesota |
| Cited Cases: | 912 F.2d 1023 |
| Cited Statutes: | Minn. Stat. § 513.41(3) |
| Date: | 01/01/2013 |
A “claim” exists only if the creditor challenging the transfer had a “right to payment.” Minn. Stat. § 513.41(3)). A “right to payment” means nothing more nor less than an enforceable obligation. Cohen v. De la Cruz, 523 U.S. 213, 218 (1998)). A guarantor’s obligation under a guaranty does not arise until after the debtor defaults. United States v. Vanornum, 912 F.2d 1023, 1026 (8th Cir. 1990)).
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