25:2-21. Definitions: A to H.
As used in this article:
"Affiliate" means:
a. A person who directly or indirectly owns, controls, or holds with power to vote, 20% or more of the outstanding voting securities of the debtor, other than a person who holds the securities,
(1) As a fiduciary or agent without sole discretionary power to vote the securities; or
(2) Solely to secure a debt, if the person has not exercised the power to vote;
b. A corporation 20% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor or a person who directly or indirectly owns, controls, or holds with power to vote, 20% or more of the outstanding voting securities of the debtor, other than a person who holds the securities,
(1) As a fiduciary or agent without sole power to vote the securities; or
(2) Solely to secure a debt, if the person has not in fact exercised the power to vote;
c. A person whose business is operated by the debtor under a lease or other agreement, or a person substantially all of whose assets are controlled by the debtor; or
d. A person who operates the debtor's business under a lease or other agreement or controls substantially all of the debtor's assets.
"Asset" means property of a debtor, but the term does not include:
a. Property to the extent it is encumbered by a valid lien;
b. Property to the extent it is generally exempt under nonbankruptcy law; or
c. An interest in property held in tenancy by the entireties to the extent it is not subject to process by a creditor holding a claim against only one tenant.
"Claim" means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured.
"Creditor" means a person who has a claim.
"Debt" means liability on a claim.
"Debtor" means a person who is liable on a claim. Source: R.S. 25:2-7.
L. 1988, c. 74, s. 1.
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Last modified: October 11, 2016