Oklahoma § 24-114 - Tests for determining insolvency
Full text of Oklahoma Oklahoma Statutes § 24-114 — Tests for determining insolvency, with citation guidance and answers to common questions.
§ 24-114. Tests for determining insolvency
A. A debtor is insolvent if the sum of the debtor's debts is
greater than all of the debtor's assets at a fair valuation.
B. A debtor who is generally not paying his debts as they
become due is presumed to be insolvent.
C. A partnership is insolvent pursuant to the provisions of
subsection A of this section if the sum of the partnership's debts
is greater than the aggregate, at a fair valuation, of all of the
partnership's assets and the sum of the excess of the value of each
general partner's nonpartnership assets over the partner's
nonpartnership debts.
D. Assets pursuant to the provisions of this section do not
include property that has been transferred, concealed, or removed
with intent to hinder, delay, or defraud creditors or that has been
transferred in a manner making the transfer voidable pursuant to the
provisions of the Uniform Fraudulent Transfer Act.
E. Debts pursuant to the provisions of this section do not
include an obligation to the extent it is secured by a valid lien on
property of the debtor not included as an asset.
Added by Laws 1986, c. 100, § 3, eff. Nov. 1, 1986.
Frequently Asked Questions About Oklahoma § 24-114
What does Oklahoma Statutes § 24-114 cover?
Section 24-114 ("Tests for determining insolvency") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 24-114?
A common citation format is "Oklahoma Statutes § 24-114" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 24-114 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.