Indiana § 32-18-2-2 - Definitions

§ 32-18-2-2. Definitions

Sec. 2. The following definitions apply throughout this chapter:

(1) "Asset" means property of a debtor, but the term does not include:

(A) property to the extent that it is encumbered by a valid lien;

(B) property to the extent that it is generally exempt under nonbankruptcy law, including property exempt from execution under IC 34-55-10; or

(C) 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 (1) tenant.

(2) "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.

(3) "Creditor" means a person that has a claim.

(4) "Debt" means liability on a claim.

(5) "Debtor" means a person that is liable on a claim.

(6) "Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.

(7) "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.

(8) "Organization" means a person other than an individual.

(9) "Person" means an individual, an estate, a partnership, an association, a trust, a business or nonprofit entity, a public corporation, a government or governmental subdivision, agency, or instrumentality, or another legal or commercial entity.

(10) "Property" means anything that may be the subject of ownership.

(11) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or another medium and is retrievable in perceivable form.

(12) "Sign" means, with present intent to authenticate or adopt a record:

(A) to execute or adopt a tangible symbol; or

(B) to attach to or logically associate with the record an electronic symbol, sound, or process.

(13) "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 another encumbrance.

(14) "Valid lien" means a lien that is effective against the holder of a judicial lien subsequently obtained by legal or equitable process or proceedings.

[Pre-2002 Recodification Citation: 32-2-7-2.]

As added by P.L.2-2002, SEC.3. Amended by P.L.61-2017, SEC.1.