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2023 New York Laws
DCD - Debtor and Creditor
Article 10 - Uniform Voidable Transactions Act.
271 - Insolvency.

Universal Citation:
NY Debt & Cred L § 271 (2023)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
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§  271. Insolvency. (a) 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.
  (b)  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.  The  presumption  imposes on the party against which the
presumption is directed the burden of proving that the  nonexistence  of
insolvency is more probable than its existence.
  (c)  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 article.
  (d) 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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