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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(740 ILCS 160/6) (from Ch. 59, par. 106)
Sec. 6.
(a) A transfer made or obligation incurred by a debtor is
fraudulent as to a creditor whose claim arose before the transfer was made
or the obligation was incurred if the debtor made the transfer or incurred
the obligation without receiving a reasonably equivalent value in exchange
for the transfer or obligation and the debtor was insolvent at that time or
the debtor became insolvent as a result of the transfer or obligation.
(b) A transfer made by a debtor is fraudulent as to a creditor whose
claim arose before the transfer was made if the transfer was made to an
insider for an antecedent debt, the debtor was insolvent at that time, and
the insider had reasonable cause to believe that the debtor was insolvent.
(Source: P.A. 86-814.)
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