Definitions ~ Claim Debt Debtor

Claim Debt Definition Mainuvta0103definitionclaim

"CLAIM" AND "DEBT" AND "DEBTOR" DEFINED


#claimdefined


"CLAIM" DEFINED

§ 1(3) “Claim”, except as used in “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.

Reporter's Comment to § 1(3).
The definition of “claim” is derived from Bankruptcy Code § 101(4) (1984).
Because the purpose of this Act is primarily to protect unsecured creditors against transfers and obligations injurious to their rights, the words “claim” and “debt” as used in the Act generally have reference to an unsecured claim and debt.
As the context may indicate, however, usage of the terms is not so restricted. See, e.g., §§ 1(1)(i)(B) and 1(9).
JayNote:
A "claim" occurs when the car crash occurs, not when something later happens, i.e., demand letter, filing of complaint, judgment, etc. Folks mess up this issue all the time. Similarly, a personal guarantee relates back to the date of the guarantee, because that is when the contingent liability arose, and not when the guarantee is finally called. The claim occurs at the same moment that liability (expansively interpreted) arises.

ARTICLES ON "CLAIM"

  • 2019.09.13 ... The Sackler Family And Fraudulent Transfers
  • 2013.01.31 ... Existence Of Claim Renders Some Clients Seeking Asset Protection Effectively Dead On Arrival

"CLAIM" OPINIONS


#debtdefined


"DEBT" DEFINED

§ 1(5) “Debt” means liability on a claim.

Reporter's Comment to § 1(5).
The definition of “debt” is derived from Bankruptcy Code § 101(11) (1984).
JayNote:
The term "claim" in § 1(5) is of course defined in § 1(3), above.





"DEBT" OPINIONS


#defineddebtor


"DEBTOR" DEFINED

§1(6) “Debtor” means a person that is liable on a claim.

Reporter's Comment: 6.
The definition of “debtor” had no analogue in the Uniform Fraudulent Conveyance Act.

"DEBTOR" ARTICLES

  • 2012.09.30 ... Pearl -- Transfers to Revocable Trusts Were Not Fraudulent Transfers As To Creditors Of The Settlor

"DEBTOR" OPINIONS


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