2014 Rhode Island General Laws
Title 6 - Commercial Law – General Regulatory Provisions
Chapter 6-16 - Uniform Fraudulent Transfer Act
Section 6-16-2 - Insolvency.
§ 6-16-2 Insolvency. – (a) 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.
(b) A debtor who is generally not paying his or her debts as they become due is presumed to be insolvent.
(c) A partnership is insolvent under subsection (a) if the sum of the partnership's debts is greater than the aggregate, at a fair valuation, of all of the partnership's assets and the sum of the excess of the value of each general partner's nonpartnership assets over the partner's nonpartnership debts.
(d) 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 have been transferred in a manner making the transfer voidable under this chapter.
(e) Debts under this section do not include obligations to the extent they are secured by a valid lien on property of the debtor not included as an asset.
History of Section.
(P.L. 1986, ch. 438, § 2; P.L. 2014, ch. 528, § 14.)
Disclaimer: These codes may not be the most recent version. Rhode Island may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
