44-1001. Definitions

298 words·~1 min read·/az/title-44/44-1001

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In this article, unless the context otherwise requires:

1. "Asset" means property of a debtor, but asset does not include any of the following:

(a)Property to the extent it is encumbered by a valid lien.

(b)Property to the extent it is generally exempt under nonbankruptcy law.

(c)An interest in property held in tenancy by the entireties to the extent it is not subject to process by a creditor holding a claim against only one tenant.

2. "Claim" means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured.

3. "Creditor" means a person who has a claim.

4. "Debt" means liability on a claim.

5. "Debtor" means a person who is liable on a claim.

6. "Lien" means a charge against or an interest in property to secure payment of a debt or performance of an obligation and includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common law lien or a statutory lien.

7. "Person" means an individual, partnership, corporation, association, organization, government or governmental subdivision or agency, business trust, estate, trust or any other legal or commercial entity.

8. "Property" means anything that may be the subject of ownership.

9. "Transfer" means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset and includes payment of money, release, lease and creation of a lien or other encumbrance.

10. "Valid lien" means a lien that is effective against the holder of a judicial lien subsequently obtained by legal or equitable process or proceedings and that is not subject to avoidance under this article.