- 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.
- A debtor who is generally not paying his or her debts as they become due is presumed to be insolvent.
- A partnership is insolvent under subsection (a) of this section 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.
- 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 chapter.
- 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.
Historical and Statutory
1981 Ed., § 28-3102.
Legislative History of Laws
For legislative history of D.C. Law 11-83, see Historical and Statutory Notes following § 28-3101.
This section is based upon § 2 of the Uniform Fraudulent Transfer Act. See Volume 7A, Part II Uniform Laws Annotated, Master Edition, or ULA Database on Westlaw.
DC CODE § 28-3102
Current through December 11, 2012
(Feb. 9, 1996, D.C. Law 11-83, § 2, 42 DCR 6773.)