33-201. Definitions.
33-201
33-201. Definitions.As used in this act:
(a) "Affiliate" means:
(1) A person who directly or indirectly owns, controls or holds with powerto vote, 20% or more of the outstanding voting securities of the debtor, otherthan a person who holds the securities:
(A) As a fiduciary or agent without sole discretionary power to vote thesecurities; or
(B) solely to secure a debt, if the person has not exercised the power tovote;
(2) a corporation 20% or more of whose outstanding voting securities aredirectly or indirectly owned, controlled or held with power to vote, by thedebtor or a person who directly or indirectly owns, controls or holds, withpower to vote, 20% or more of the outstanding voting securities of the debtor,other than a person who holds the securities:
(A) As a fiduciary or agent without sole power to vote the securities; or
(B) solely to secure a debt, if the person has not in fact exercised thepower to vote;
(3) a person whose business is operated by the debtor under a lease or otheragreement, or a person substantially all of whose assets are controlled by thedebtor; or
(4) a person who operates the debtor's business under a lease or otheragreement or controls substantially all of the debtor's assets.
(b) "Asset" means property of a debtor. "Asset" does not include:
(1) Property to the extent it is encumbered by a valid lien; or
(2) property to the extent it is generally exempt under nonbankruptcy law.
(c) "Claim" means a right to payment, whether or not the right is reduced tojudgment, liquidated, unliquidated, fixed, contingent, matured, unmatured,disputed, undisputed, legal, equitable, secured or unsecured.
(d) "Creditor" means a person who has a claim.
(e) "Debt" means liability on a claim.
(f) "Debtor" means a person who is liable on a claim.
(g) "Insider" includes:
(1) If the debtor is an individual:
(A) A relative of the debtor or of a general partner of the debtor;
(B) a partnership in which the debtor is a general partner;
(C) a general partner in a partnership described in clause (B); or
(D) a corporation of which the debtor is a director, officer or person incontrol;
(2) if the debtor is a corporation:
(A) A director of the debtor;
(B) an officer of the debtor;
(C) a person in control of the debtor;
(D) a partnership in which the debtor is a general partner;
(E) a general partner in a partnership described in clause (D); or
(F) a relative of a general partner, director, officer or person in controlof the debtor;
(3) if the debtor is a partnership:
(A) A general partner in the debtor;
(B) a relative of a general partner in, a general partner of, or a person incontrol of the debtor;
(C) another partnership in which the debtor is a general partner;
(D) a general partner in a partnership described in clause (C); or
(E) a person in control of the debtor;
(4) an affiliate, or an insider of an affiliate as if the affiliate were thedebtor; and
(5) a managing agent of the debtor.
(h) "Lien" means a charge against or an interest in property to securepayment of a debt or performance of an obligation, and includes a securityinterest created by agreement, a judicial lien obtained by legal or equitableprocess or proceedings, a common-law lien or a statutory lien.
(i) "Person" means an individual, partnership, corporation, association,organization, government or governmental subdivision or agency, business trust,estate, trust or any other legal or commercial entity.
(j) "Property" means anything that may be the subject of ownership.
(k) "Relative" means an individual related by consanguinity within the thirddegree as determined by the common law, a spouse or an individual related to aspouse within the third degree as so determined, and includes an individual inan adoptive relationship within the third degree.
(l) "Transfer" means every mode, direct or indirect, absolute orconditional, voluntary or involuntary, of disposing of or parting with an assetor an interest in an asset, and includes payment of money, release, lease, andcreation of a lien or other encumbrance.
(m) "Valid lien" means a lien that is effective against the holder of ajudicial lien subsequently obtained by legal or equitable process orproceedings.
History: L. 1998, ch. 13, § 1; Jan. 1, 1999.