§3573. Insolvency
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.
[PL 1985, c. 641, §3 (NEW).]
2. Presumption of insolvency. A debtor who is generally not paying his debts as they become due is presumed to be insolvent.
[PL 1985, c. 641, §3 (NEW).]
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.
[PL 1985, c. 641, §3 (NEW).]
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.
[PL 1985, c. 641, §3 (NEW).]
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.
[PL 1985, c. 641, §3 (NEW).]
SECTION HISTORY
PL 1985, c. 641, §3 (NEW).
Structure Maine Revised Statutes
TITLE 14: COURT PROCEDURE -- CIVIL
Part 5: PROVISIONAL REMEDIES; SECURITY
Chapter 504: UNIFORM FRAUDULENT TRANSFER ACT
14 §3575. Transfers fraudulent as to present and future creditors
14 §3576. Transfers fraudulent as to present creditors
14 §3577. When transfer is made or obligation is incurred
14 §3578. Remedies of creditors
14 §3579. Defenses, liability and protection of transferee
14 §3580. Extinguishment of cause of action