2. The bill creates provisions that specify, for claims and defenses related to voidable transactions, which party has the burden of proof and establishes the standard of proof as a preponderance of the evidence.

3. The bill creates a choice-of-law rule for courts to determine which state's voidable transactions law applies in a given case. Under the bill, a court must apply the law of the state where the debtor is located at the time the transfer is made or obligation incurred.

4. The bill eliminates a provision that applies a different standard for determining insolvency for a partnership, so that the general insolvency standard applies to partnerships.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

SB643,1 Section 1. Chapter 242 (title) of the statutes is amended to read:

SB643,3,4 CHAPTER 242 UNIFORM FRAUDULENT TRANSFER ACT voidable transactions law

SB643,2 Section 2. 242.01 (3) of the statutes is amended to read:

SB643,3,9 242.01 (3) “Claim," except as used in “claim for relief,” means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured.

SB643,3 Section 3. 242.01 (6m) of the statutes is created to read:

SB643,3,12 242.01 (6m) “Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.

SB643,4 Section 4. 242.01 (8m) of the statutes is created to read:

SB643,3,14 242.01 (8m) “Organization” means a person other than an individual.

SB643,5 Section 5. 242.01 (9) of the statutes is amended to read:

SB643,3,20 242.01 (9) “Person" means an individual, estate, partnership, corporation, limited liability company, association, organization, trust, business or nonprofit entity, public corporation, government or governmental subdivision or, agency, business trust, estate, trust or instrumentality, or any other legal or commercial entity.

SB643,6 Section 6. 242.01 (10m) of the statutes is created to read:

SB643,4,4 242.01 (10m) “Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

SB643,7 Section 7. 242.01 (11m) of the statutes is created to read:

SB643,4,7 242.01 (11m) “Sign" means, with present intent to authenticate or adopt a record, any of the following:

SB643,4,8 (a) To execute or adopt a tangible symbol.

SB643,4,10 (b) To attach to or logically associate with the record an electronic symbol, sound, or process.

SB643,8 Section 8. 242.01 (12) of the statutes is amended to read:

SB643,4,15 242.01 (12) “Transfer" means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset, and includes payment of money, release, lease , license, and creation of a lien or other encumbrance.

SB643,9 Section 9. 242.02 (2) of the statutes is amended to read:

SB643,4,18 242.02 (2) A debtor is insolvent if, at a fair valuation, the sum of the debtor's debts is greater than all the sum of the debtor's assets at a fair valuation.

SB643,10 Section 10. 242.02 (3) of the statutes is amended to read:

SB643,4,24 242.02 (3) A debtor who is generally not paying the debtor's debts as they become due other than as a result of a bona fide dispute is presumed to be insolvent. The presumption imposes on the party against which the presumption is directed the burden of proving that the nonexistence of insolvency is more probable than its existence.

SB643,11 Section 11. 242.02 (4) of the statutes is repealed.

SB643,12 Section 12. 242.04 (title) of the statutes is amended to read: