N.Y. Debtor and Creditor Law 275 – When transfer is made or obligation is incurred
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For the purposes of this article:
Terms Used In N.Y. Debtor and Creditor Law 275
- 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 - Contract: A legal written agreement that becomes binding when signed.
- Creditor: means a person that has 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: means anything that may be the subject of ownership. See N.Y. Debtor and Creditor Law 270
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- 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
- 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