§ 39-23.9B – Application to series organization.
39-23.9B. Application to series organization. (a) In this section, the following definitions apply: (1) Protected series. – An arrangement, however denominated, created by a series organization that, pursuant to the law under which the series organization is organized, has the characteristics set forth in subdivision (2) of this subsection. (2) Series organization. – An organization […]
§ 39-23.10 – Supplementary provisions.
39-23.10. Supplementary provisions. Unless displaced by the provisions of this Article, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validating or invalidating cause, supplement its provisions. (1997-291, s. 2.)
§ 39-23.1 – Definitions.
39-23.1. Definitions. In this Article, the following definitions apply: (1) Affiliate. – Any of the following: a. A person that directly or indirectly owns, controls, or holds with power to vote, twenty percent (20%) or more of the outstanding voting securities of the debtor, other than a person that holds the securities: 1. As a […]
§ 39-23.2 – Insolvency.
39-23.2. Insolvency. (a) A debtor is insolvent if, at a fair valuation, the sum of the debtor’s debts is greater than the sum of the debtor’s assets. (b) A debtor that is generally not paying the debtor’s debts as they become due other than as a result of a bona fide dispute is presumed to […]
§ 39-23.3 – Value.
39-23.3. Value. (a) Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is secured or satisfied, but value does not include an unperformed promise made otherwise than in the ordinary course of the promisor’s business to furnish support to the […]