§24-1. Debtor defined.
A debtor, within the meaning of this chapter, is one who, by reason of an existing obligation, is, or may become, liable to pay money to another, whether such liability is certain or contingent. R.L. 1910, § 2892.
§24-11. Preferences permitted.
Any person in this state indebted to other persons shall have the right to prefer one or more of such creditors in good faith to secure a valid debt, which preference may be manifested by payment, by mortgages, either real or chattel, or by the transfer of personal property or real estate, and if received […]
§24-112. Short title.
This act shall be known and may be cited as the “Uniform Fraudulent Transfer Act”. Added by Laws 1986, c. 100, § 1, eff. Nov. 1, 1986.
§24-113. Definitions.
As used in the Uniform Fraudulent Transfer Act: 1. “Affiliate” means: a.a person who 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 who holds the securities: (1)as a fiduciary or agent without sole discretionary power […]
§24-114. Tests for determining insolvency.
A. 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. B. A debtor who is generally not paying his debts as they become due is presumed to be insolvent. C. A partnership is insolvent pursuant to the provisions of subsection A […]
§24-115. Value defined.
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 debtor or […]
§24-116. Transfers fraudulent to creditors.
A. A transfer made or obligation incurred by a debtor is fraudulent as to a creditor, whether the creditor’s claim arose before or after the transfer was made or the obligation was incurred, if the debtor made the transfer or incurred the obligation: 1. With actual intent to hinder, delay, or defraud any creditor of […]
§24-117. Transfer fraudulent to creditor whose claim arose before transfer made or obligation incurred.
A. A transfer made or obligation incurred by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange for the transfer or obligation and the debtor […]
§24-118. Tests for determining when transfer is made or obligation incurred.
For the purposes of the Uniform Fraudulent Transfer Act: 1. A transfer is made: a.with respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good-faith […]
§24-119. Creditor’s remedies.
A. In an action for relief against a transfer or obligation pursuant to the provisions of the Uniform Fraudulent Transfer Act, a creditor, subject to the limitations of Section 9 of this act, may obtain: 1. Avoidance of the transfer or obligation to the extent necessary to satisfy the creditor’s claim; or 2. An attachment […]
§24-12. Fraudulent debts – When due.
In all cases where a debtor has fraudulently contracted a debt, or fraudulently incurred a liability or obligation, for which suit is about to be or has been brought, such debt, liability or obligation shall be deemed due at the time such liability was incurred. R.L. 1910, § 2902.
§24-120. Voidable and nonvoidable transfers – Creditor’s remedies and limitations thereon.
A. A transfer or obligation is not voidable as provided for in paragraph 1 of subsection A of Section 5 of this act against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee. B. Except as otherwise provided for in this section, to the […]
§24-121. Limitation of actions.
A cause of action with respect to a fraudulent transfer or obligation pursuant to the provisions of the Uniform Fraudulent Transfer Act, Section 112 et seq. of this title, is extinguished unless action is brought: 1. Pursuant to the provisions of paragraph 1 of subsection A of Section 116 of this title, within four (4) […]
§24-122. Supplementary principles of law and equity.
Unless displaced by the provisions of the Uniform Fraudulent Transfer Act, 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 the provisions of the Uniform Fraudulent Transfer Act. Added by Laws […]
§24-123. Application and construction of act.
The Uniform Fraudulent Transfer Act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act among states enacting it. Added by Laws 1986, c. 100, § 12, eff. Nov. 1, 1986.
§24-13. Insurance on life of debtor – Conditions.
A. Whenever a credit life insurance policy or other insurance policy is obtained on the life of a debtor under or pursuant to the terms of a contract for the sale of a motor vehicle, merchandise or other property, the person, firm, company or corporation obtaining or receiving the policy shall furnish a copy of […]
§24-131. Short title.
This act shall be known and may be cited as the “Credit Services Organization Act”. Added by Laws 1987, c. 35, § 1, emerg. eff. April 20, 1987.
§24-132. Definitions.
As used in the Credit Services Organization Act: 1. “Buyer” means any individual who is solicited to purchase or who purchases the services of a credit services organization; 2.a.“Credit services organization” means any person who, with respect to the extension of credit by others, sells, provides, performs, or represents that the person can or will […]
§24-133. Restrictions.
A credit services organization, its salespersons, agents, and representatives, and independent contractors who sell or attempt to sell the services of a credit services organization may not do any of the following: 1. Charge or receive any money or other valuable consideration prior to full and complete performance of the services the credit services organization […]
§24-134. Exemption from bond and trust account provisions – Responsibility for employees or agents.
If a credit services organization is in compliance with paragraph 1 of Section 3 of this act, the salesperson, agent, or representative who sells the services of that organization is not required to obtain a surety bond and establish a trust account. Provided, however, said organization or entity shall be responsible for the acts of […]