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Can you summarize MORS Chapter 428?
DEBTOR-CREDITOR RELATIONS > Fraudulent Conveyances and Liens
Short Summary
This legal document, part of the Revised Statutes of Missouri, governs the topic of Fraudulent Conveyances and Liens. It defines a debtor as insolvent if their debts exceed the fair valuation of their assets. A debtor who is not paying their debts as they become due is presumed to be insolvent. For partnerships, insolvency is determined by comparing the partnership’s debts to the fair valuation of its assets and the excess value of each general partner’s nonpartnership assets over their nonpartnership debts. The document also specifies that certain property transfers made with the intent to hinder, delay, or defraud creditors, or transfers that are voidable, are not considered as assets. Additionally, obligations secured by a valid lien on property of the debtor are not included as debts. The document does not mention any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Debtors, Creditors, Affiliates, Insiders, Lien holders
What does it govern?
Insolvency, fraudulent conveyances, and liens
What are exemptions?
Property encumbered by a valid lien, property exempt under nonbankruptcy law, interest in property held in tenancy by the entireties
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Missouri