Section 15-208 – Conveyance of Partnership or Limited Liability Company Property
(a) Every conveyance of partnership property and every partnership obligation incurred when the partnership is or will be rendered insolvent by it, is fraudulent as to partnership creditors, if the conveyance is made or the obligation is incurred to: (1) A partner, whether with or without a promise by him to pay partnership debts, unless the conveyance […]
Section 15-209 – Rights of Creditor Whose Claim Has Matured
(a) If a conveyance or obligation is fraudulent as to a creditor whose claim has matured, the creditor, as against any person except a purchaser for fair consideration without knowledge of the fraud at the time of the purchase or one who has derived title immediately or immediately from such a purchaser, may: (1) Have the conveyance […]
Section 15-210 – Rights of Creditor Whose Claim Has Not Matured
(a) If a conveyance made or obligation incurred is fraudulent as to a creditor whose claim has not matured, he may proceed in a court of competent jurisdiction against any person against whom he could have proceeded had his claim matured. (b) In the proceeding, the court may: (1) Restrain the defendant from disposing of his property; (2) Appoint […]
Section 15-210.1 – Foreclosure Sales
A conveyance is not fraudulent as to a creditor if, conducted in accordance with applicable law, the conveyance results from: (1) A foreclosure sale; (2) A sale to enforce a statutory lien; (3) A judicial sale; or (4) A sale of property under levy.
Section 15-211 – Cases Not Provided for in Subtitle
In any case not provided for in this subtitle, the rules of law and equity, including the law merchant, the law of principal and agent, and the effect of fraud, misrepresentation, duress or coercion, mistake, bankruptcy, or other invalidating cause, shall govern.
Section 15-212 – Construction of Subtitle
This subtitle shall be interpreted and construed to effectuate its general purpose to make uniform the law of the states which enact it.
Section 15-101 – Preferences in Insolvency
(a) (1) For purposes of this section the following words, as used in federal bankruptcy laws, have the meanings indicated. (2) “The case” means the assignment for the benefit of creditors proceeding or the receivership proceeding, whichever is applicable; (3) “Commencement of the case” means commencement of the assignment for the benefit of creditors proceeding or receivership proceeding; (4) “The […]
Section 15-102 – Priorities in Insolvency
(a) (1) In this section the following words have the meanings indicated. (2) “Person” includes an individual, corporation, business trust, statutory trust, estate, trust, partnership, limited liability company, association, two or more persons having a joint or common interest, or any other legal or commercial entity. (3) “Wages” means all remuneration paid to any employee for his employment, including […]
Section 15-202 – Insolvency
(a) A person is insolvent if the present fair market value of his assets is less than the amount required to pay his probable liability on his existing debts as they become absolute and matured. (b) In determining if a partnership is insolvent, there shall be added to the partnership property: (1) The present fair market value of […]
Section 15-203 – Fair Consideration
Fair consideration is given for property or an obligation, if: (1) In exchange for the property or obligation, as a fair equivalent for it and in good faith, property is conveyed or an antecedent debt is satisfied; or (2) The property or obligation is received in good faith to secure a present advance or antecedent debt in […]