Wisconsin Statutes 128.001 – Definitions
Current as of: 2023 | Check for updates
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In this chapter:
Terms Used In Wisconsin Statutes 128.001
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
(1) Insolvent. A person is considered “insolvent” whenever any of the following conditions is met:
(a) The aggregate of the person’s property, exclusive of any property that the person may have conveyed, transferred, concealed or removed, or permitted to be concealed or removed, with intent to defraud, hinder or delay the person’s creditors, shall not, at a fair valuation be sufficient in amount to pay the person’s debts.
(b) An execution against the person or the person’s property is returned unsatisfied.
(c) The person makes an assignment for the benefit of creditors.
(2) Petition. “Petition” means a petition for the appointment of a receiver under this chapter.