Terms Used In Rhode Island General Laws > Chapter 6-16 - Uniform Voidable Transactions Act

• Affiliate: means :

  (i)  A person who directly or indirectly owns, controls, or holds with power to vote twenty percent (20%) or more of the outstanding voting securities of the debtor, other than a person who holds the securities:

  (A)  As a fiduciary or agent without sole discretionary power to vote the securities; or

  (B)  Solely to secure a debt, if the person has not exercised the power to vote;

  (ii)  A corporation, twenty percent (20%) or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote by the debtor or a person who directly or indirectly owns, controls, or holds, with power to vote, twenty percent (20%) or more of the outstanding voting securities of the debtor, other than a person who holds the securities:

  (A)  As a fiduciary or agent without sole power to vote the securities; or

  (B)  Solely to secure a debt, if the person has not in fact exercised the power to vote;

  (iii)  A person whose business is operated by the debtor under a lease or other agreement, or a person substantially all of whose assets are controlled by the debtor; or

  (iv)  A person who operates the debtor's business under a lease or other agreement or controls substantially all of the debtor's assets. See Rhode Island General Laws 6-16-1

• Agreement: means a written contractual agreement between the merchant and the third-party delivery service. See Rhode Island General Laws 6-58-1
• Asset: means property of a debtor, but the term does not include:

  (i)  Property to the extent it is encumbered by a valid lien;

  (ii)  Property to the extent it is generally exempt under nonbankruptcy law; or

  (iii)  An interest in property held in tenancy by the entireties to the extent it is not subject to process by a creditor holding a claim against only one tenant. See Rhode Island General Laws 6-16-1

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Claim: 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. See Rhode Island General Laws 6-16-1
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Creditor: means a person who has a claim. See Rhode Island General Laws 6-16-1
• Debt: means liability on a claim. See Rhode Island General Laws 6-16-1
• Debtor: means a person who is liable on a claim. See Rhode Island General Laws 6-16-1
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Rhode Island General Laws 6-16-1
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary: A trustee, executor, or administrator.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insider: includes :

  (i)  If the debtor is an individual:

  (A)  A relative of the debtor or of a general partner of the debtor;

  (B)  A partnership in which the debtor is a general partner;

  (C)  A general partner in a partnership described in subsection (8)(i)(B); or

  (D)  A corporation of which the debtor is a director, officer, or person in control;

  (ii)  If the debtor is a corporation:

  (A)  A director of the debtor;

  (B)  An officer of the debtor;

  (C)  A person in control of the debtor;

  (D)  A partnership in which the debtor is a general partner;

  (E)  A general partner in a partnership described in subsection (8)(ii)(D); or

  (F)  A relative of a general partner, director, officer, or person in control of the debtor;

  (iii)  If the debtor is a partnership:

  (A)  A general partner in the debtor;

  (B)  A relative of a general partner in, a general partner of, or a person in control of the debtor;

  (C)  Another partnership in which the debtor is a general partner;

  (D)  A general partner in a partnership described in subsection (8)(iii)(C); or

  (E)  A person in control of the debtor;

  (iv)  An affiliate, or an insider of an affiliate as if the affiliate were the debtor; and

  (v)  A managing agent of the debtor. See Rhode Island General Laws 6-16-1

• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Lien: means a charge against, or an interest in, property to secure payment of a debt or performance of an obligation, and includes a security interest created by agreement; a judicial lien obtained by legal or equitable process or proceedings; a common-law lien; or a statutory lien. See Rhode Island General Laws 6-16-1
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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.
• Organization: means a person other than an individual. See Rhode Island General Laws 6-16-1
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, estate, partnership, association, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal or commercial entity. See Rhode Island General Laws 6-16-1
• Property: means anything that may be the subject of ownership. See Rhode Island General Laws 6-16-1
• 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 retrievable in perceivable form. See Rhode Island General Laws 6-16-1
• Relative: means an individual related by consanguinity within the third degree as determined by the common law, a spouse, or an individual related to a spouse within the third degree as so determined, and includes an individual in an adoptive relationship within the third degree. See Rhode Island General Laws 6-16-1
• 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 Rhode Island General Laws 6-16-1
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}