Title 44 — Trade and Commerce

In this article, unless the context otherwise requires: 1. "Asset" means property of a debtor, but asset does not include any of the following: (a) Property to the extent it is encumbered by a valid lien. (b) Property to the extent it is generally exempt under nonbankruptcy law. …

A. A debtor is insolvent if the sum of the debtor's debts is greater than all of the debtor's assets at a fair valuation. B. A debtor who is generally not paying his debts as they become due is presumed to be insolvent. C. A partnership is insolvent under subsection A if the sum …

A. Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is secured or satisfied, but value does not include an unperformed promise to furnish support to the debtor or another person unless the…

A. A transfer made or obligation incurred by a debtor is fraudulent as to a creditor, whether the creditor's claim arose before or after the transfer was made or the obligation was incurred, if the debtor made the transfer or incurred the obligation under any of the following: 1.…

A transfer made or obligation incurred by a debtor is fraudulent 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 f…

For the purposes of this article: 1. A transfer is made: (a) With respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good fait…

A. In an action for relief against a transfer or obligation under this article, a creditor, subject to the limitations in sections 44-1008 and 44-1009, may obtain one or more of the following remedies: 1. Garnishment against the fraudulent transferee or the recipient of the fraud…

A. A transfer or obligation is not voidable under section 44-1004, subsection A, paragraph 1 against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee. B. Except as otherwise provided in this section, to the exte…

A claim for relief with respect to a fraudulent transfer or obligation under this article is extinguished unless an action is brought: 1. Under section 44-1004, subsection A, paragraph 1 within four years after the transfer was made or the obligation was incurred or, if later, wi…

Unless displaced by the provisions of this article, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency or other validating or invalidating caus…

A. Every assignment made by an insolvent debtor, or in contemplation of insolvency, for the benefit of his creditors, shall provide, except as otherwise provided in this article, for a distribution of all his real and personal property other than that which is by law exempt from …

Any debtor desiring to do so may make an assignment for the benefit of such of his creditors only as will consent to accept their proportional share of his estate, and discharge him from their respective claims. In such case the benefits of the assignment shall be limited and res…

A. The debtor shall forthwith file with the clerk of the superior court of the county where the principal place of business of the debtor is located a copy of the assignment, to which shall be annexed an inventory containing: 1. A true and full account of all the creditors of the…

A. The assignee shall forthwith, after execution and delivery of the deed of assignment, record it as provided in this article, and execute a bond with securities in an amount determined and approved by the judge of the superior court of the county where the assignment is recorde…

The assignee shall, within thirty days after recording the assignment, give public notice of his appointment in some newspaper printed in the county where the assignor resides or where his principal business was conducted, and as far as possible, the assignee shall also give pers…

A. The relationship of the court having jurisdiction of the insolvent estate and the assignee for the benefit of creditors shall be governed by the provisions which govern the relationship of a superior court and a receiver. The court shall have the same authority and jurisdictio…

Creditors consenting to the assignment shall give the assignee written notice of consent within four months after publication of the notice required under section 44-1035, and a creditor not assenting shall not receive or take any benefit under the assignment. A creditor who has …

Every creditor, consenting to an assignment, shall, within six months from the time of the first publication of the notice of appointment of the assignee, file with the assignee a distinct statement of the particular nature and amount of his claim against the debtor, which shall …

A. The statement of a creditor, verified and filed with the assignee as provided in section 44-1038, shall justify the assignee in allowing the claim as a valid claim against the estate, and it shall be so allowed. B. A creditor entitled to his proportional share of the debtor's …

Claims not due may be allowed at their present value by discounting them at the rate of interest mentioned in the contract, if any, otherwise at the legal rate. If any creditor holds collateral or security of less value than his debt, the value thereof may be estimated by the ass…

All property conveyed or transferred by the assignor previous to and in contemplation of the assignment with the intent or design to defeat, delay or defraud creditors, or to give preference to one creditor over another, shall pass to the assignee by the assignment notwithstandin…

A. No assignment shall be declared fraudulent or void for lack of an inventory or list as required under the provisions of this article, but if such list and inventory are not annexed and verified as provided in section 44-1033, it is prima facie evidence that the assignor has se…

Any attempted preference, in the assignment, of one creditor or creditors of the assignor, is fraudulent and without effect.

A creditor, not consenting to the assignment, may proceed by garnishment against the assignee for the excess of property remaining in his hands after payment to consenting creditors the amount of their debts and the costs and expenses of the assignment.

A. When an assignee has in his possession funds of the estate of the assignor in an amount sufficient to pay ten per cent of the indebtedness of the assignor, he shall make a pro rata distribution of the funds among the creditors. B. The assignee shall receive reasonable compensa…

A. When the assignee has fully performed the duties of his trust and desires to be finally discharged therefrom, he shall make a report of his proceedings under the assignment. The report shall be under oath and shall set forth the money and assets which came into his possession,…

A. A person who makes an assignment for the benefit of creditors is guilty of a crime punishable as prescribed in subsection B, if he: 1. Secretes or conceals any property belonging to his estate, or parts with, conceals, destroys, alters, mutilates or falsifies a book, document …

A. A sale made by a vendor of goods and chattels in his possession or under his control, or an assignment of goods and chattels, unless the sale or assignment is accompanied by an immediate delivery and followed by an actual and continued change of possession of the things sold o…