(Welch, D-Westchester) replaces references to the term “transfer instrument” with “transfer.” Changes the definitions of “family member” and “transfer.” Provides that if the court determines the transferor lacked the requisite capacity to convey, the entire transfer instrument shall be deemed void. Provides that if the property in question is an interest in real property, a purchaser or mortgagee for value and without notice, before the recordation of a lis pendens for an action, shall take free and clear of the action. Provides that a holder of property shall not be liable for distributing or releasing the property to the transferee if the distribution or release occurs before the holder becomes a party to an action challenging the transfer. Scheduled for hearing in House Judiciary Committee March 8.