As used in this article 8, unless the context otherwise
requires:
(1) Affiliate means:
(a) 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) As a fiduciary or agent without sole discretionary power to vote the
securities; or
(II) Solely to secure a debt, if the person has not in fact exercised the power
to vote;
(b) A corporation, twenty percent or more of whose outstanding voting
securities are directly or indirectly owned, controlled, or held with power to vote, by
the debtor or 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) As a fiduciary or agent without sole discretionary power to vote the
securities; or
(II) Solely to secure a debt, if the person has not in fact exercised the power
to vote;
(c) A person whose business is operated by the debtor under a lease or other
agreement, or a person substantially all of whose assets are controlled by the
debtor; or
(d) A person that operates the debtor's business under a lease or other
agreement or controls substantially all of the debtor's assets.
(2) Asset means property of a debtor. Asset shall not include:
(a) Property to the extent it is encumbered by a valid lien;
(b) Property to the extent it is generally exempt immediately prior to the
time of transfer under nonbankruptcy law; or
(c) An interest in property held in tenancy by the entireties to the extent it is
not subject to process by a creditor holding a claim against only one tenant.
(3) Claim, except as the term is used in claim for relief, means a right to
payment, whether or not the right is reduced to judgment, liquidated, unliquidated,
fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable,
secured, or unsecured.
(4) Control of a debtor or debtor's property by another person does not
include conduct undertaken by the other person to enforce rights existing under a
valid agreement, entered into in good faith and not primarily for the purpose of
obtaining control of the debtor or the debtor's property, including without limitation
a lease of such property.
(5) Creditor means a person who has a claim.
(6) Debt means liability on a claim.
(7) Debtor means a person who is liable on a claim.
(7.5) Electronic means technology having electrical, digital, magnetic,
wireless, optical, electromagnetic, or similar capabilities.
(7.7) Entity has the same meaning as set forth in section 7-90-102 (20).
(8) Insider includes:
(a) If the debtor is an individual:
(I) A relative of the debtor or of a general partner of the debtor;
(II) A partnership in which the debtor is a general partner;
(III) A general partner in a partnership described in subparagraph (II) of this
paragraph (a); or
(IV) A corporation of which the debtor is a director, officer, or person in
control;
(b) If the debtor is a corporation:
(I) A director of the debtor;
(II) An officer of the debtor;
(III) A person in control of the debtor;
(IV) A partnership in which the debtor is a general partner;
(V) A general partner in a partnership described in subparagraph (IV) of this
paragraph (b); or
(VI) A relative of a general partner, director, officer, or person in control of
the debtor;
(c) If the debtor is a partnership:
(I) A general partner in the debtor;
(II) A relative of a general partner in, or a general partner of, or a person in
control of the debtor;
(III) Another partnership in which the debtor is a general partner;
(IV) A general partner in a partnership described in subparagraph (III) of this
paragraph (c); or
(V) A person in control of the debtor;
(d) An affiliate, or an insider of an affiliate as if the affiliate were the debtor;
or
(e) A managing agent of the debtor.
(9) Lien means a charge against or an interest in property to secure
payment of a debt or performance of an obligation, and includes a security interest
created by agreement, a judicial lien obtained by legal or equitable process or
proceedings, a common-law lien, or a statutory lien.
(10) Person has the meaning set forth in section 7-90-102 (49).
(11) Property means anything that may be the subject of ownership.
(11.5) Record means information that is inscribed on a tangible medium or
that is stored in an electronic or other medium and is retrievable in perceivable
form.
(12) Relative means an individual related by consanguinity within the third
degree as determined by the common law, a spouse, or an individual related to a
spouse within the third degree as so determined, and includes an individual in an
adoptive relationship within the third degree.
(12.5) Sign or signature has the meaning set forth in section 7-90-102
(60.5).
(13) Transfer means every mode, direct or indirect, absolute or conditional,
voluntary or involuntary, of disposing of or parting with an asset or an interest in an
asset, and includes payment of money, release, lease, and creation of a lien or other
encumbrance.
(14) Valid lien means a lien that is effective against the holder of a judicial
lien subsequently obtained by legal or equitable process or proceedings.