§ 32-18-2-12 — Insolvency

(a) For purposes of this section, assets do not
include property that has been:
(1) transferred, concealed, or removed with intent to hinder,
delay, or defraud creditors; or
(2) transferred in a manner making the transfer voidable under
this chapter.
(b) For purposes of this section, debts do not include an obligation
to the extent it is secured by a valid lien on property of the debtor not
included as an asset under this section.
(c) 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.
(d) 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 presumed
to be insolvent. This presumption imposes upon the party against which
the presumption is directed the burden of proving that the nonexistence
of insolvency is more probable than its existence.
[Pre-2002 Recodification Citation: 32-2-7-12.]

Legislative History

As added by P.L.2-2002, SEC.3. Amended by P.L.61-2017, SEC.11.