§24-113. Definitions.
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/ok/title-24-debtor-and-creditor/24-113·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 to vote the securities, or
(2)solely to secure a debt, if the person has not
exercised the power to vote;
b. a corporation, twenty percent (20%) or more of whose
outstanding voting securities are directly or
indirectly owned, controlled or held with power to
vote, by the debtor or 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 power to
vote the securities, or
(2)solely to secure a debt, if the person has not in
fact exercised the power to vote;
c. a person whose business is operated by the debtor
under a lease or other agreement, or a person
substantially all of whose assets are controlled by
the debtor; or
d. a person who operates the debtor's business under a
lease or other agreement or controls substantially all
of the debtor's assets.
2. "Asset" means property of a debtor, but the term does not include:
a. property to the extent it is encumbered by a valid
lien; or
b. property to the extent it is generally exempt under
nonbankruptcy law; or
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.
3. "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.
4. "Creditor" means a person who has a claim.
5. "Debt" means liability on a claim.
6. "Debtor" means a person who is liable on a claim.
7. "Insider" includes:
a. if the debtor is an individual:
(1)a relative of the debtor or of a general partner
of the debtor, or
(2)a partnership in which the debtor is a general
partner, or
(3)a general partner in a partnership described in
division
(2)of this subparagraph, or
(4)a corporation of which the debtor is a director,
officer or person in control;
b. if the debtor is a corporation:
(1)a director of the debtor, or
(2)an officer of the debtor, or
(3)a person in control of the debtor, or
(4)a partnership in which the debtor is a general
partner, or
(5)a general partner in a partnership described in
division
(4)of this subparagraph, or
(6)a relative of a general partner, director,
officer, or person in control of the debtor;
c. if the debtor is a partnership:
(1)a general partner in the debtor, or
(2)a relative of a general partner in, a general
partner of, or a person in control of the debtor,
or
(3)another partnership in which the debtor is a
general partner, or
(4)a general partner in a partnership described in
division
(3)of this subparagraph, or
(5)a person in control of the debtor;
d. an affiliate, or an insider of an affiliate as if the
affiliate were the debtor; and
e. a managing agent of the debtor.
8. "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.
9. "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.
10. "Property" means anything that may be the subject of ownership.
11. "Relative" means an individual related by consanguinity within the third degree as determined by the common law, a spouse, or an individual related to a spouse within the third degree as so determined, and includes an individual in an adoptive relationship within the third degree.
12. "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.
13. "Valid lien" means a lien that is effective against the holder of a judicial lien subsequently obtained by legal or equitable process or proceedings. Added by Laws 1986, c. 100, § 2, eff. Nov. 1, 1986.