§ 5101. Short title of chapter and definitions.
(a) Short title of chapter.--This chapter shall be known and may be cited as the Pennsylvania Uniform Fraudulent Transfer Act.
(b) Definitions.--The following words and phrases when used in this chapter shall have the meanings given to them in this subsection unless the context clearly indicates otherwise:
"Asset." Property of a debtor. The term does not include:
(1) property to the extent it is encumbered by a valid lien;
(2) property to the extent it is generally exempt under nonbankruptcy law; or
(3) 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." 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." A person who has a claim.
"Debt." Liability on a claim.
"Debtor." A person who is liable on a claim.
"Lien." A charge against or an interest in property to secure payment of a debt or performance of an obligation. The term includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common law lien or a statutory lien.
"Person." An individual, partnership, corporation, association, organization, government or governmental subdivision or agency, business trust, estate, trust or any other legal or commercial entity.
"Property." Anything that may be the subject of ownership.
"Transfer." Every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset. The term includes payment of money, release, lease and creation of a lien or other encumbrance.
"Valid lien." A lien that is effective against the holder of a judicial lien subsequently obtained by legal or equitable process or proceedings.
Section: 5101 5102 5103 5104 5105 5106 5107 5108 5109 5110 NextLast modified: October 8, 2016