Iowa Code § 684.2
Insolvency
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2020
As of January 1, 2012
1. 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.
1. A debtor is insolvent if, at a fair valuation, the sum of the debtor’s debts is greater than the sum of the debtor’s assets.
2. A debtor who is generally not paying the debtor’s debts as they become due is presumed to be insolvent.
2. A debtor that is generally not paying the debtor’s debts as they become due other than as a result of a bona fide dispute is presumed to be insolvent. The presumption imposes on the party against which the presumption is directed the burden of proving that the nonexistence of insolvency is more probable than its existence.
3. A partnership is insolvent under subsection 1 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.
3. 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 chapter.
4. 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.
94 Acts, ch 1121, §6
94 Acts, ch 1121, §6; 2016 Acts, ch 1040, §2, 15
2016 amendment applies to a transfer made or an obligation incurred, as provided in §684.6, on or after July 1, 2016;
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.