Title 36, Civil Remedies And Defenses And Special Proceedings

[§651C-1] Definitions. As used in this chapter, unless the context otherwise requires: "Affiliate" means: "Asset" means property of a debtor but does not include: "Claim" means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, c…

[§651C-10] Supplement of provisions. Unless displaced by the provisions of this chapter, 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…

[§651C-2] Insolvency. (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 or her debts as they become due is presumed to be insolvent. (c) A partnership is insolve…

[§651C-3] Value. (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 made otherwise than in the ordinary course of…

[§651C-4] Transfers fraudulent as to present and future creditors. (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 th…

[§651C-5] Transfers fraudulent as to present creditors. (a) 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 w…

[§651C-6] When transfer is made or obligation is incurred. For the purposes of this chapter:

[§651C-7] Remedies of creditors. (a) In any action for relief against a transfer or obligation under this chapter, a creditor, subject to the limitations provided in section 651C-8, may obtain: (b) If a creditor has obtained a judgment on a claim against the debtor, the creditor …

[§651C-8] Defenses, liability, and protection of transferee. (a) A transfer or obligation is not voidable under section 651C-4(a)(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 otherw…

[§651C-9] Extinguishment of cause of action. A cause of action with respect to a fraudulent transfer or obligation under this chapter is extinguished unless action is brought: