Oklahoma § 24-113 - Definitions

§ 24-113. Definitions

As used in the Uniform Fraudulent Transfer Act:

1. "Affiliate" means:

a.

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:

(1) as a fiduciary or agent without sole

discretionary power to vote the securities, or

(2) solely to secure a debt, if the person has not

exercised the power to vote;

b.

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:

(1) as a fiduciary or agent without sole power to

vote the securities, or

(2) solely to secure a debt, if the person has not in

fact exercised the power to vote;

c.

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

d.

a person who operates the debtor's business under a

lease or other agreement or controls substantially all

of the debtor's assets.

2. "Asset" means property of a debtor, but the term does not

include:

a.

property to the extent it is encumbered by a valid

lien; or

b.

property to the extent it is generally exempt under

nonbankruptcy law; 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 tenant.

3. "Claim" means a right to payment, whether or not the right

is reduced to judgment, liquidated, unliquidated, fixed, contingent,

Oklahoma Statutes - Title 24. Debtor and Creditor

matured, unmatured, disputed, undisputed, legal, equitable, secured

or unsecured.

4. "Creditor" means a person who has a claim.

5. "Debt" means liability on a claim.

6. "Debtor" means a person who is liable on a claim.

7. "Insider" includes:

a.

if the debtor is an individual:

(1) a relative of the debtor or of a general partner

of the debtor, or

(2) a partnership in which the debtor is a general

partner, or

(3) a general partner in a partnership described in

division (2) of this subparagraph, or

(4) a corporation of which the debtor is a director,

officer or person in control;

b.

if the debtor is a corporation:

(1) a director of the debtor, or

(2) an officer of the debtor, or

(3) a person in control of the debtor, or

(4) a partnership in which the debtor is a general

partner, or

(5) a general partner in a partnership described in

division (4) of this subparagraph, or

(6) a relative of a general partner, director,

officer, or person in control of the debtor;

c.

if the debtor is a partnership:

(1) a general partner in the debtor, or

(2) a relative of a general partner in, a general

partner of, or a person in control of the debtor,

or

(3) another partnership in which the debtor is a

general partner, or

(4) a general partner in a partnership described in

division (3) of this subparagraph, or

(5) a person in control of the debtor;

d.

an affiliate, or an insider of an affiliate as if the

affiliate were the debtor; and

e.

a managing agent of the debtor.

8. "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.

9. "Person" means an individual, partnership, corporation,

association, organization, government or governmental subdivision or

agency, business trust, estate, trust, or any other legal or

commercial entity.

Oklahoma Statutes - Title 24. Debtor and Creditor

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

ownership.

11. "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.

12. "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, and creation of a lien or other encumbrance.

13. "Valid lien" means a lien that is effective against the

holder of a judicial lien subsequently obtained by legal or

equitable process or proceedings.

Added by Laws 1986, c. 100, § 2, eff. Nov. 1, 1986.