State Codes and Statutes
Statutes > North-carolina > Chapter_39 > GS_39-23_2§39‑23.2. Insolvency.
(a) A debtor isinsolvent if the sum of the debtor's debts is greater than all of the debtor'sassets at a fair valuation.
(b) A debtor who isgenerally not paying the debtor's debts as they become due is presumed to beinsolvent.
(c) A partnership isinsolvent under subsection (a) of this section if the sum of the partnership'sdebts is greater than the aggregate, at a fair valuation, of all of thepartnership's assets and the sum of the excess of the value of each generalpartner's nonpartnership assets over the partner's nonpartnership debts.
(d) Assets under thissection do not include property that has been transferred, concealed, orremoved with intent to hinder, delay, or defraud creditors or that has beentransferred in a manner making transfer voidable under this Article.
(e) Debts under thissection do not include an obligation to the extent it is secured by a validlien on property of the debtor not included as an asset. (1997‑291,s. 2.)
