§ 270 Definitions
§ 271 Insolvency
§ 272 Value
§ 273 Transfer or Obligation Voidable as to Present or Future Creditor
§ 274 Transfer or Obligation Voidable as to Present Creditor
§ 275 When Transfer Is Made or Obligation Is Incurred
§ 276 Remedies of Creditor
§ 276-A Attorney’s Fees in Action or Special Proceeding Under This Article to Avoid a Transfer or Obligation
§ 277 Defenses, Liability, and Protection of Transferee or Obligee
§ 278 Extinguishment of Claim for Relief
§ 279 Governing Law
§ 280 Supplementary Provisions
§ 281 Uniformity of Application and Construction
§ 281-A Relation to Electronic Signatures and Global and National Commerce Act

Terms Used In New York Laws > Debtor and Creditor > Article 10

  • Affiliate: means :

    (1) a person that directly or indirectly owns, controls or holds with power to vote, twenty percent or more of the outstanding voting securities of the debtor, other than a person that holds the securities:

    (i) as a fiduciary or agent without sole discretionary power to vote the securities; or

    (ii) solely to secure a debt, if the person has not in fact exercised the power to vote;

    (2) a corporation twenty percent 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 that directly or indirectly owns, controls or holds, with power to vote, twenty percent or more of the outstanding voting securities of the debtor, other than a person that holds the securities:

    (i) as a fiduciary or agent without sole discretionary power to vote the securities; or

    (ii) solely to secure a debt, if the person has not in fact exercised the power to vote;

    (3) 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

    (4) a person that operates the debtor's business under a lease or other agreement or controls substantially all of the debtor's assets. See N.Y. Debtor and Creditor Law 270

  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • Asset: means property of a debtor, but the term does not include:

    (1) property to the extent it is encumbered by a valid lien;

    (2) property to the extent it is generally exempt under non-bankruptcy law; or

    (3) an interest in property held in tenancy by the entirety to the extent it is not subject to process by a creditor holding a claim against only one tenant. See N.Y. Debtor and Creditor Law 270

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • claim for relief: 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. See N.Y. Debtor and Creditor Law 270
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Creditor: means a person that has a claim. See N.Y. Debtor and Creditor Law 270
  • Debt: means liability on a claim. See N.Y. Debtor and Creditor Law 270
  • Debtor: means a person that is liable on a claim. See N.Y. Debtor and Creditor Law 270
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities. See N.Y. Debtor and Creditor Law 270
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Fiduciary: A trustee, executor, or administrator.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Insider: includes :

    (1) if the debtor is an individual:

    (i) a relative of the debtor or of a general partner of the debtor;

    (ii) a partnership in which the debtor is a general partner;

    (iii) a general partner in a partnership described in subparagraph (ii) of this paragraph; or

    (iv) a corporation of which the debtor is a director, officer, or person in control;

    (2) if the debtor is a corporation:

    (i) a director of the debtor;

    (ii) an officer of the debtor;

    (iii) a person in control of the debtor;

    (iv) a partnership in which the debtor is a general partner;

    (v) a general partner in a partnership described in subparagraph (iv) of this paragraph; or

    (vi) a relative of a general partner, director, officer or person in control of the debtor;

    (3) if the debtor is a partnership:

    (i) a general partner in the debtor;

    (ii) a relative of a general partner in, a general partner of or a person in control of the debtor;

    (iii) another partnership in which the debtor is a general partner;

    (iv) a general partner in a partnership described in subparagraph (iii) of this paragraph; or

    (v) a person in control of the debtor;

    (4) an affiliate, or an insider of an affiliate as if the affiliate were the debtor; and

    (5) a managing agent of the debtor. See N.Y. Debtor and Creditor Law 270

  • Judge advocate: means an officer of a force of the organized militia who is a member of the judge advocate general's corps or who is designated as a judge advocate;

    (10) "Legal officer" means an officer of the New York naval militia designated to perform legal duties for a command;

    (11) "Code" means article seven of this chapter;

    (12) "Accuser" means a person who signs and swears to charges, any person who directs that charges nominally be signed and sworn to by another, and any other person who has an interest other than an official interest in the prosecution of the accused. See N.Y. Military Law 130.1

  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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. See N.Y. Debtor and Creditor Law 270
  • Oath: A promise to tell the truth.
  • Organization: means a person other than an individual. See N.Y. Debtor and Creditor Law 270
  • Organized militia: means the organized militia, the composition of which is stated in section two of this chapter;

    (2) "Officer" means a commissioned officer including a commissioned warrant officer;

    (3) "Superior officer" means an officer superior in rank or command;

    (4) "Enlisted person" means any person who is serving in an enlisted grade in any force of the organized militia;

    (5) "Active state duty" means full time military duty in the active service of the state under an order of the governor issued pursuant to sections six or seven of this chapter and while going to and returning from such duty;

    (6) "Duty status other than active state duty" means any one of the types of duty described in section forty-six of this chapter and while going to and returning from such duty;

    (7) "Military court" means a court-martial, a court of inquiry, a provost court;

    (8) "Military judge" means an official of a general court-martial detailed in accordance with section 130. See N.Y. Military Law 130.1

  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means an individual, estate, partnership, association, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency or instrumentality, or other legal or commercial entity. See N.Y. Debtor and Creditor Law 270
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Property: means anything that may be the subject of ownership. See N.Y. Debtor and Creditor Law 270
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See N.Y. Debtor and Creditor Law 270
  • 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. See N.Y. Debtor and Creditor Law 270
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • 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, license, and creation of a lien or other encumbrance. See N.Y. Debtor and Creditor Law 270
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC