Maine § 14 §3573 Insolvency

Maine Statutes

§ 14 §3573 — Insolvency

Maine·Title 14 COURT PROCEDURE -- CIVIL·Part 5 PROVISIONAL REMEDIES; SECURITY·Ch. 504 UNIFORM FRAUDULENT TRANSFER ACT

1.Debts greater than assets. 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.

2.Presumption of insolvency. A debtor who is generally not paying his debts as they become due is presumed to be insolvent.

3.Partnership insolvency. A partnership is insolvent under subsection 1 if the sum of the partnership's debts is greater than the aggregate of all of the partnership's assets at a fair valuation, and the sum of the excess of the value of each general partner's nonpartnership assets over the partner's nonpartnership debts.

4.Assets; exclusion. Assets under this section do not include property that has been transferred, concealed or removed with intent to hinder, delay or defraud creditors or that has been transferred in

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1.
Debts greater than assets.
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.
2.
Presumption of insolvency.
A debtor who is generally not paying his debts as they become due is presumed to be insolvent.
3.
Partnership insolvency.
A partnership is insolvent under subsection 1 if the sum of the partnership's debts is greater than the aggregate of all of the partnership's assets at a fair valuation, and the sum of the excess of the value of each general partner's nonpartnership assets over the partner's nonpartnership debts.
4.
Assets; exclusion.
Assets under this section do not include property that has been transferred, concealed or removed with intent to hinder, delay or defraud creditors or that has been transferred in a manner making the transfer voidable under this Act.
5.
Debts.
Debts under this section 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.

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