Legal Memorandum: Creditor's Claim under MUFTA

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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