14A:14-1. Definitions
397 words·~2 min read·
/nj/title-14a/chapter-14/14a-14-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this chapter, and unless the context requires otherwise
(a)"corporation" means a domestic corporation and a foreign corporation;
(b)"creditor" means the holder of any claim, of whatever character, against a corporation, whether secured or unsecured, matured or unmatured, liquidated or unliquidated, absolute or contingent;
(c)"debt" includes any legal liability, whether matured or unmatured, liquidated or unliquidated, absolute, fixed or contingent;
(d)"encumbrance" means a mortgage, security interest, lien or charge of any nature in or upon property;
(e)"fair consideration" is given for property or an obligation when, in exchange for such property or obligation, as a fair equivalent therefor, and in good faith, property is transferred or an antecedent debt is satisfied; or when such property or obligation is received in good faith to secure a present advance or antecedent debt in amount not disproportionately small as compared with the value of the property or obligation obtained;
(f)"insolvent" : a corporation shall be deemed to be insolvent for the purposes of this chapter
(1)when the aggregate of its property, exclusive of any property which it may have conveyed, transferred, concealed, removed or permitted to be concealed or removed, with intent to defraud, hinder or delay its creditors, shall not at a fair valuation be sufficient in amount to pay its debts; or
(2)when the corporation is unable, by its available assets or the honest use of credit, to pay its debts as they become due;
(g)"property" means real property, tangible and intangible personal property, and rights, claims and franchises of every nature;
(h)"receiver" means a receiver of a corporation appointed pursuant to this chapter, and includes corporations authorized by law to act as receivers in this State, as well as individuals;
(i)"receivership action" means an action brought pursuant to this chapter for the appointment of a receiver of a corporation;
(j)"transfer" means the sale and every other method, direct or indirect, of disposing of or parting with property or with an interest therein, or with the possession thereof, or of fixing a lien upon property or upon an interest therein, absolutely or conditionally, voluntarily or involuntarily, by or without judicial proceedings, as a conveyance, sale, payment, pledge, mortgage, lien, encumbrance, gift, security, or otherwise; the retention of security title to property delivered to a corporation shall be deemed a transfer suffered by such corporation.