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28 USC 3302 - Insolvency
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US Code > Judiciary and Judicial Procedure > 28 USC 3302 - Insolvency
Sec. 3302. Insolvency
(a)
In General.—
Except as provided in subsection (c), 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)
Presumption.—
A debtor who is generally not paying debts as they become due is presumed to be insolvent.
(c)
Calculation.—
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—
(1) all of the partnership’s assets; and
(2) the sum of the excess of the value of each general partner’s non-partnership assets over the partner’s non-partnership debts.
(d)
Assets.—
For purposes of this section, assets do not include property that is 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 subchapter.
(e)
Debts.—
For purposes of this section, debts do not include an obligation to the extent such obligation is secured by a valid lien on property of the debtor not included as an asset.
Sections: 3201 3202 3203 3204 3205 3206 3301 3302 3303 3304 3305 3306 3307 3308 3701
Last modified: July 21, 2011
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