§ 270 — Definitions

New York § 270

• Jurisdiction: New York
• Law DCD: Debtor & Creditor
• Art. 10: Uniform Voidable Transactions Act

Text

§ 270. Definitions. As used in this article:\n (a) "Affiliate" means:\n (1) a person that directly or indirectly owns, controls or holds with\npower to vote, twenty percent or more of the outstanding voting\nsecurities of the debtor, other than a person that holds the securities:\n (i) as a fiduciary or agent without sole discretionary power to vote\nthe securities; or\n (ii) solely to secure a debt, if the person has not in fact exercised\nthe power to vote;\n (2) a corporation twenty percent or more of whose outstanding voting\nsecurities are directly or indirectly owned, controlled or held with\npower to vote, by the debtor or a person that directly or indirectly\nowns, controls or holds, with power to vote, twenty percent or more of\nthe outstanding voting securities of the debtor, other than a person\nthat holds the securities:\n (i) as a fiduciary or agent without sole discretionary power to vote\nthe securities; or\n (ii) solely to secure a debt, if the person has not in fact exercised\nthe power to vote;\n (3) a person whose business is operated by the debtor under a lease or\nother agreement, or a person substantially all of whose assets are\ncontrolled by the debtor; or\n (4) a person that operates the debtor's business under a lease or\nother agreement or controls substantially all of the debtor's assets.\n (b) "Asset" means property of a debtor, but the term does not include:\n (1) property to the extent it is encumbered by a valid lien;\n (2) property to the extent it is generally exempt under non-bankruptcy\nlaw; or\n (3) an interest in property held in tenancy by the entirety to the\nextent it is not subject to process by a creditor holding a claim\nagainst only one tenant.\n (c) "Claim", except as used in "claim for relief", means a right to\npayment, whether or not the right is reduced to judgment, liquidated,\nunliquidated, fixed, contingent, matured, unmatured, disputed,\nundisputed, legal, equitable, secured or unsecured.\n (d) "Creditor" means a person that has a claim.\n (e) "Debt" means liability on a claim.\n (f) "Debtor" means a person that is liable on a claim.\n (g) "Electronic" means relating to technology having electrical,\ndigital, magnetic, wireless, optical, electromagnetic or similar\ncapabilities.\n (h) "Insider" includes:\n (1) if the debtor is an individual:\n (i) a relative of the debtor or of a general partner of the debtor;\n (ii) a partnership in which the debtor is a general partner;\n (iii) a general partner in a partnership described in subparagraph\n(ii) of this paragraph; or\n (iv) a corporation of which the debtor is a director, officer, or\nperson in control;\n (2) if the debtor is a corporation:\n (i) a director of the debtor;\n (ii) an officer of the debtor;\n (iii) a person in control of the debtor;\n (iv) a partnership in which the debtor is a general partner;\n (v) a general partner in a partnership described in subparagraph (iv)\nof this paragraph; or\n (vi) a relative of a general partner, director, officer or person in\ncontrol of the debtor;\n (3) if the debtor is a partnership:\n (i) a general partner in the debtor;\n (ii) a relative of a general partner in, a general partner of or a\nperson in control of the debtor;\n (iii) another partnership in which the debtor is a general partner;\n (iv) a general partner in a partnership described in subparagraph\n(iii) of this paragraph; or\n (v) a person in control of the debtor;\n (4) an affiliate, or an insider of an affiliate as if the affiliate\nwere the debtor; and\n (5) a managing agent of the debtor.\n (i) "Lien" means a charge against or an interest in property to secure\npayment of a debt or performance of an obligation, and includes a\nsecurity interest created by agreement, a judicial lien obtained by\nlegal or equitable process or proceedings, a common-law lien, or a\nstatutory lien.\n (j) "Organization" means a person other than an individual.\n (k) "Person" means an individual, estate, partnership, association,\ntrust, business or nonprofit entity, public corporation, government or\ngovernmental subdivision, agency or instrumentality, or other legal or\ncommercial entity.\n (l) "Property" means anything that may be the subject of ownership.\n (m) "Record" means information that is inscribed on a tangible medium\nor that is stored in an electronic or other medium and is retrievable in\nperceivable form.\n (n) "Relative" means an individual related by consanguinity within the\nthird degree as determined by the common law, a spouse or an individual\nrelated to a spouse within the third degree as so determined, and\nincludes an individual in an adoptive relationship within the third\ndegree.\n (o) "Sign" means, with present intent to authenticate or adopt a\nrecord:\n (i) to execute or adopt a tangible symbol; or\n (ii) to attach to or logically associate with the record an electronic\nsymbol, sound, or process.\n (p) "Transfer" means every mode, direct or indirect, absolute or\nconditional, voluntary or involuntary, of disposing of or parting with\nan asset or an interest in an asset, and includes payment of money,\nrelease, lease, license, and creation of a lien or other encumbrance.\n (q) "Valid lien" means a lien that is effective against the holder of\na judicial lien subsequently obtained by legal or equitable process or\nproceedings.\n