N.Y. DCD Law § 271
This is the official text of N.Y. DCD Law § 271, part of New York’s DCD Law — part of the compiled statutory law of New York, published by the state as "DCD Law." Browse the sections below, each linked to its official government source.
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Insolvency
Official statutory text
§ 271. Insolvency. (a) A debtor is insolvent if, at a fair valuation,\nthe sum of the debtor's debts is greater than the sum of the debtor's\nassets.\n (b) A debtor that is generally not paying the debtor's debts as they\nbecome due other than as a result of a bona fide dispute is presumed to\nbe insolvent. The presumption imposes on the party against which the\npresumption is directed the burden of proving that the nonexistence of\ninsolvency is more probable than its existence.\n (c) Assets under this section do not include property that has been\ntransferred, concealed or removed with intent to hinder, delay or\ndefraud creditors, or that has been transferred in a manner making the\ntransfer voidable under this article.\n (d) Debts under this section do not include an obligation to the\nextent it is secured by a valid lien on property of the debtor not\nincluded as an asset.\n
Status: in_force · Read it on the official government site
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