§ 6-16-1 - Definitions.
SECTION 6-16-1
§ 6-16-1 Definitions. – As used in this chapter:
(1) "Affiliate" means:
(i) A person who directly or indirectly owns, controls, orholds with power to vote twenty percent (20%) or more of the outstanding votingsecurities of the debtor, other than a person who holds the securities:
(A) As a fiduciary or agent without sole discretionary powerto vote the securities; or
(B) Solely to secure a debt, if the person has not exercisedthe power to vote;
(ii) A corporation twenty percent (20%) or more of whoseoutstanding voting securities are directly or indirectly owned, controlled, orheld with power to vote by the debtor or a person who directly or indirectlyowns, controls, or holds, with power to vote, twenty percent (20%) or more ofthe outstanding voting securities of the debtor, other than a person who holdsthe securities :
(A) As a fiduciary or agent without sole power to vote thesecurities; or
(B) Solely to secure a debt, if the person has not in factexercised the power to vote;
(iii) A person whose business is operated by the debtor undera lease or other agreement, or a person substantially all of whose assets arecontrolled by the debtor; or
(iv) A person who operates the debtor's business under alease or other agreement or controls substantially all of the debtor's assets.
(2) "Asset" means property of a debtor, but the term does notinclude:
(i) Property to the extent it is encumbered by a valid lien;
(ii) Property to the extent it is generally exempt undernonbankruptcy law; or
(iii) An interest in property held in tenancy by theentireties to the extent it is not subject to process by a creditor holding aclaim against only one tenant.
(3) "Claim" means a right to payment, whether or not theright is reduced to judgment, liquidated, unliquidated, fixed, contingent,matured, unmatured, disputed, undisputed, legal, equitable, secured, orunsecured.
(4) "Creditor" means a person who has a claim.
(5) "Debt" means liability on a claim.
(6) "Debtor" means a person who is liable on a claim.
(7) "Insider" includes:
(i) If the debtor is an individual:
(A) A relative of the debtor or of a general partner of thedebtor;
(B) A partnership in which the debtor is a general partner;
(C) A general partner in a partnership described insubdivision (7)(i)(B); or
(D) A corporation of which the debtor is a director, officer,or person in control;
(ii) 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 insubdivision (7)(ii)(D); or
(F) A relative of a general partner, director, officer, orperson in control of the debtor;
(iii) 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 in control of the debtor;
(C) Another partnership in which the debtor is a generalpartner;
(D) A general partner in a partnership described insubdivision (7)(iii)(C); or
(E) A person in control of the debtor;
(iv) An affiliate, or an insider of an affiliate as if theaffiliate were the debtor; and
(v) A managing agent of the debtor.
(8) "Lien" means a charge against or an interest in propertyto secure payment of a debt or performance of an obligation, and includes asecurity interest created by agreement, a judicial lien obtained by legal orequitable process or proceedings, a common-law lien, or a statutory lien.
(9) "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, butdoes include the Rhode Island depositors economic protection corporation.
(10) "Property" means anything that may be the subject ofownership.
(11) "Relative" means an individual related by consanguinitywithin the third degree as determined by the common law, a spouse, or anindividual related to a spouse within the third degree as so determined, andincludes an individual in an adoptive relationship within the third degree.
(12) "Transfer" means every mode, direct or indirect,absolute or conditional, voluntary or involuntary, of disposing of or partingwith an asset or an interest in an asset, and includes payment of money,release, lease, and creation of a lien or other encumbrance.
(13) "Valid lien" means a lien that is effective against theholder of a judicial lien subsequently obtained by legal or equitable processor proceedings.