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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(740 ILCS 160/3) (from Ch. 59, par. 103)
Sec. 3.
(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 under subsection (a) 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 under 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 under this Act.
(e) Debts under 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.
(Source: P.A. 86-814.)
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