Title DCD, Debtor & Creditor

§ 210. Order permitting renunciation. If it shall appear that the proceedings of such trustee, in relation to his trust, have been fair and honest, and particularly in the collection of the property and debts vested in him; and if such court be satisfied, that for any reason, it…

§ 211. Assignment by renouncing trustee. Such assignment shall be executed by such trustee, to such person, or persons, as the court shall appoint for that purpose; and in the appointment, such persons as shall have been named to be assignees by the creditors of such debtor, or …

§ 212. Effect of assignment. Such assignment shall transfer to the persons to whom it shall be made, all the remaining estate and effects, vested in the trustee so renouncing; and such new assignee shall have the same powers, be subject to the same duties, and be entitled to the…

§ 213. Order for discharge of trustee from trust. Upon producing to the court allowing such assignment, the certificate of the assignee, duly proved by the oath of a subscribing witness, that such assignment has been duly made, and the property capable of delivery, belonging to …

§ 214. Effect of order. Upon such order being granted, such trustee shall be discharged from the trust reposed in him, and his power and authority shall thereupon cease; but he shall, notwithstanding, remain subject to any liability he may have incurred, at any time previous to …

§ 215. Recording order and filing papers. Such new assignment, upon being duly proved or acknowledged, shall be recorded in the office of the clerk of the county where the order appointing the original trustee was entered; and the petition of the trustee, the affidavit and proce…

§ 216. Payment of expense of renunciation. The expense of all proceedings in effecting such renunciation and assignment, shall be paid by the trustee making the application.

§ 217. New trustee in place of one absent. Whenever any trustee appointed under any authority conferred by any of the provisions of articles three, four or five of this chapter, shall remove from and continue to reside out of this state for one year, it shall be lawful for the c…

§ 218. Powers and duties of new trustee. The trustee appointed in the place of the trustee so removed shall in all respects have the like powers and authority, and be subject to the same control, obligations and responsibilities as the trustee originally appointed; and the appoi…

§ 22. Wages and commissions and preferred claims. 1. In all\ndistribution of assets under all assignments made in pursuance of this\narticle, the wages or salaries actually owing to the employees of the\nassignor or assignors at the time of the execution of the assignment for\ns…

§ 23. Limitation of preferences. In all general assignments of the estates of debtors for the benefit of creditors no preference created therein, other than for the wages or salaries of or moneys held in trust for employees under section twenty-one-a and section twenty-two or ca…

§ 24. Appraisal of estate in the hands of assignee. Whenever it shall become necessary to appraise in whole or in part any estate in the hands of any assignee for the benefit of creditors, the persons whose duty it shall be to make such appraisal shall value the real estate at i…

§ 250. Notice to creditors of incompetent person or conservatee. A court exercising jurisdiction over the property of an incompetent person or conservatee may, upon the petition of a committee of the property of such incompetent person or of the conservator of the property of su…

§ 251. Authority for committee or conservator to compromise claims. A court exercising jurisdiction over the property of a person with a mental illness, or conservatee may, upon the application of the committee of the property of such incompetent person or the conservator of the…

§ 252. Payment by committee or conservator of claims. A committee of the property of a person, incompetent by reason of mental illness, a developmental disability or alcohol abuse, to manage his or her affairs, or a conservator of the property of a conservatee, may, under direct…

§ 253. Citation to attend judicial settlement of accounts of committee or conservator. A citation may be issued by the court to all parties interested in the estate of such incompetent person or conservatee, as creditors or otherwise, requiring them to appear in court on some da…

§ 254. Service of citation. A citation to the persons interested must be served on all parties, other than the petitioner, who are interested in the fund, including sureties of the committee or conservator; but the court may, in its discretion, dispense with the service on such …

§ 255. Proceedings on return of citation. Upon the return of such citation properly served, such court shall have the powers in relation to such estates, claims, property and committee, which devolve on courts, by virtue of section twenty-one, in relation to assignments and assi…

§ 270. Definitions. As used in this article: (a) "Affiliate" means: (1) a person that directly or indirectly owns, controls or holds with power to vote, twenty percent or more of the outstanding voting securities of the debtor, other than a person that holds the securities: (i) …

§ 271. Insolvency. (a) A debtor is insolvent if, at a fair valuation, the sum of the debtor's debts is greater than the sum of the debtor's assets. (b) A debtor that is generally not paying the debtor's debts as they become due other than as a result of a bona fide dispute is pr…

§ 272. 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…

§ 273. Transfer or obligation voidable as to present or future creditor. (a) A transfer made or obligation incurred by a debtor is voidable 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 ma…

§ 274. Transfer or obligation voidable as to present creditor. (a) A transfer made or obligation incurred by a debtor is voidable 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 obliga…

§ 275. When transfer is made or obligation is incurred. For the purposes of this article: (a) a transfer is made: (1) 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 ass…

§ 276. Remedies of creditor. (a) In an action for relief against a transfer or obligation under this article, a creditor, subject to the limitations in section two hundred seventy-seven of this article, may obtain: (1) avoidance of the transfer or obligation to the extent necess…

§ 276-a. Attorney's fees in action or special proceeding under this article to avoid a transfer or obligation. In an action or special proceeding under this article in which a judgment creditor who has been awarded by court order or agreement or has waived attorney's fees availa…

§ 277. Defenses, liability, and protection of transferee or obligee. (a) A transfer or obligation is not voidable under paragraph one of subdivision (a) of section two hundred seventy-three of this article against a person that took in good faith and for a reasonably equivalent …

§ 278. Extinguishment of claim for relief. A claim for relief with respect to a transfer or obligation under this article is extinguished unless action is brought: (a) under paragraph one of subdivision (a) of section two hundred seventy-three of this article, not later than fou…

§ 279. Governing law. (a) In this section, the following rules determine a debtor's location: (1) A debtor who is an individual is located at the individual's principal residence. (2) A debtor that is an organization and has only one place of business is located at its place of …

§ 280. Supplementary provisions. 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 ot…

§ 281. Uniformity of application and construction. This article shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this article among states enacting it.

§ 281-a. Relation to electronic signatures in global and national commerce act. This article modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit, or supersede Section 101(c) of …

§ 282. Permissible exemptions in bankruptcy. Under section five\nhundred twenty-two of title eleven of the United States Code, entitled\n"Bankruptcy", an individual debtor domiciled in this state may exempt\nfrom the property of the estate, to the extent permitted by subsection\…

§ 283. Aggregate individual bankruptcy exemption for certain annuities and personal property. 1. General application. The aggregate amount the debtor may exempt from the property of the estate for personal property exempt from application to the satisfaction of a money judgment …

§ 284. Exclusivity of exemptions. In accordance with the provisions of section five hundred twenty-two (b) of title eleven of the United States Code, debtors domiciled in this state are not authorized to exempt from the estate property that is specified under subsection (d) of s…

§ 285. Alternative federal exemptions. Notwithstanding any inconsistent provision of law, an individual debtor may opt to exempt from property of the estate such property as is permitted to be exempted pursuant to section five hundred twenty-two of title eleven of the United Sta…

§ 290. Laws repealed. Of the laws enumerated in the schedule hereto annexed, that portion specified in the last column is hereby repealed.

§ 291. When to take effect. This chapter shall take effect immediately.

§ 3. Requisites of general assignment. Every conveyance or assignment made by a debtor of his estate, real or personal, or both, to an assignee for the creditors of such debtor, shall be in writing, and shall specifically state therein the residence and kind of business carried …

§ 30. Definitions. As used in this article, unless the context or subject matter requires otherwise: (a) "Liquidation proceeding" includes all assignments for the benefit of creditors, whether voluntary or by operation of law; equity receiverships where the subject under receive…

§ 31. Secured creditor's claim to disclose security. In a liquidation proceeding every secured creditor's claim against the general assets shall disclose the nature of the security. When in an equity receivership it is determined that the subject under receivership is insolvent,…

§ 32. Effect of concealment. Any secured creditor who with intent to evade the provisions of this article fails to disclose the existence of the security shall not be entitled to receive or retain dividends out of the general assets, unless he thereafter releases or surrenders t…

§ 33. Value of security credited upon claims. Dividends paid to secured creditors shall be computed only upon the balance due after the value of all security not exempt from the claims of unsecured creditors and not released or surrendered to the liquidator, is determined and cr…

§ 34. Determination of value by secured creditor. The value of assets constituting the security may be determined by one of the following methods by the secured creditor: (1) By collection. When the asset constituting the security is an obligation for the payment of money, the s…

§ 35. Alternative determinations of value. Where valuation under the provisions of section thirty-four is impracticable or would cause undue delay, the court, upon petition by either the secured creditor or the liquidator, may order the value of the security determined by any of…

§ 36. Exempt security not credited. When any creditor has legal or equitable security upon assets which are exempt from process for the satisfaction of unsecured debts and are duly claimed as exempt by the insolvent debtor, the value of such security shall not be credited upon t…

§ 37. Constitutionality. If any provision of this article or the application thereof to any person or circumstances is held invalid, the invalidity shall not affect other provisions or applications thereof which can be given effect without the invalid provision or application, a…

§ 38. Uniformity of interpretation. This article shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.

§ 4. Debtor's schedule. 1. A debtor making an assignment shall, at the date thereof or within twenty days thereafter, cause to be made, and filed with the county clerk of the county where such assignment is recorded, and file a duplicate thereof with the assignee, an inventory o…

§ 5. Notice to creditors to present claims. The judge may, upon the petition of the assignee, authorize him to advertise for creditors to present to him their claims, with the vouchers therefor, duly verified, on or before a day to be specified in such advertisement, not less th…