378A.020 Insolvency.
151 words·~1 min read·
/ky/chapter-378a/378a-020A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)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.
(2)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 be insolvent. The presumption
imposes on the party against which the presumption is directed the burden of
proving that the nonexistence of insolvency is more probable than its existence.
(3)Assets under this section do not include property that has been 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 chapter.
(4)Debts under this section do not include an obligation to the extent it is secured by a
valid lien on property of the debtor not included as an asset.