In this chapter:
(1) INSOLVENT. A person is considered “insolvent” whenever any of the following conditions is met:
(a) The aggregate of the person’s property, exclusive of any property that the person may have conveyed, transferred, concealed or removed, or permitted to be concealed or removed, with intent to defraud, hinder or delay the person’s creditors, shall not, at a fair valuation be sufficient in amount to pay the person’s debts.
(b) An execution against the person or the person’s property is returned unsatisfied.
(c) The person makes an assignment for the benefit of creditors.
(2) PETITION. “Petition” means a petition for the appointment of a receiver under this chapter.