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28 U.S.C. · Judiciary and Judicial Procedure
28 U.S.C. § 3302

Insolvency

Ch. 176 — Federal Debt Collection Procedure
Title 28 U.S.C. ● ACTIVE Primary Source Ch. 176
Statutory Text

28 U.S.C. § 3302 — Insolvency

U.S.C. Title 28 - JUDICIARY AND JUDICIAL PROCEDURE 28 U.S.C. United States Code, 2023 Edition Title 28 - JUDICIARY AND JUDICIAL PROCEDURE PART VI - PARTICULAR PROCEEDINGS CHAPTER 176 - FEDERAL DEBT COLLECTION PROCEDURE SUBCHAPTER D - FRAUDULENT TRANSFERS INVOLVING DEBTS Sec. 3302 - Insolvency From the U.S. Government Publishing Office, www.gpo.gov

§3302. Insolvency

(a) In General.—Except as provided in subsection (c), 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) Presumption.—A debtor who is generally not paying debts as they become due is presumed to be insolvent. (c) Calculation.—A partnership is insolvent under subsection (a) if the sum of the partnership's debts is greater than the aggregate, at a fair valuation, of— (1) all of the partnership's assets; and (2) the sum of the excess of the value of each general partner's non-partnership assets over the partner's non-partnership debts.

(d) Assets.—For purposes of this section, assets do not include property that is 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 subchapter. (e) Debts.—For purposes of this section, debts do not include an obligation to the extent such obligation is secured by a valid lien on property of the debtor not included as an asset.

(Added Pub. L. 101–647, title XXXVI, §3611, Nov. 29, 1990, 104 Stat. 4961.)

Statutory Notes and Related Subsidiaries

Effective Date Section effective 180 days after Nov. 29, 1990, and applicable with respect to certain actions for debts owed the United States pending in court on that effective date, see section 3631 of Pub. L. 101–647, set out as a note under section 3001 of this title.

Source: uscode.house.gov — public domain Official Source ↗
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Ch. 176 — Federal Debt Collection Procedure
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