§ 274. Transfer or obligation voidable as to present creditor. (a) A
transfer made or obligation incurred by a debtor is voidable 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 voidable 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.

(c) Subject to subdivision (b) of section two hundred seventy-one of
this article, a creditor making a claim for relief under subdivision (a)
or (b) of this section has the burden of proving the elements of the
claim for relief by a preponderance of the evidence.