33-202. Insolvency.
33-202
33-202. Insolvency.(a) A debtor is insolvent if the sum of the debtor's debts isgreater than all of the debtor's assets at a fair valuation.
(b) A debtor who is generally not paying such debtor's debts as they becomedue is presumed to be insolvent.
(c) A partnership is insolvent under subsection (a) if the sum of thepartnership's debts is greater than the aggregate, at a fair valuation, of allof the partnership's assets and the sum of the excess of the value of eachgeneral partner's nonpartnership assets over the partner's nonpartnershipdebts.
(d) Assets under this section do not include property that has beentransferred, concealed or removed with intent to hinder, delay or defraudcreditors or that has been transferred in a manner making the transfer voidableunder this act.
(e) Debts under this section do not include an obligation to the extent itissecured by a valid lien on property of the debtor not included as an asset.
History: L. 1998, ch. 13, § 2; Jan. 1, 1999.