N.Y. Debtor & Creditor Law § 270: Definitions

§ 270. Definitions. As used in this article:

(a) "Affiliate" means:

(1) a person that directly or indirectly owns, controls or holds with

power to vote, twenty percent or more of the outstanding voting

securities of the debtor, other than a person that holds the securities:

(i) as a fiduciary or agent without sole discretionary power to vote

the securities; or

(ii) solely to secure a debt, if the person has not in fact exercised

the power to vote;

(2) a corporation twenty percent 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 that directly or indirectly

owns, controls or holds, with power to vote, twenty percent or more of

the outstanding voting securities of the debtor, other than a person

that holds the securities:

(i) as a fiduciary or agent without sole discretionary power to vote

the securities; or

(ii) solely to secure a debt, if the person has not in fact exercised

the power to vote;

(3) 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

(4) a person that operates the debtor's business under a lease or

other agreement or controls substantially all of the debtor's assets.

(b) "Asset" means property of a debtor, but the term does not include:

(1) property to the extent it is encumbered by a valid lien;

(2) property to the extent it is generally exempt under non-bankruptcy

law; or

(3) an interest in property held in tenancy by the entirety to the

extent it is not subject to process by a creditor holding a claim

against only one tenant.

(c) "Claim", except as used in "claim for relief", means a right to

payment, whether or not the right is reduced to judgment, liquidated,

unliquidated, fixed, contingent, matured, unmatured, disputed,

undisputed, legal, equitable, secured or unsecured.

(d) "Creditor" means a person that has a claim.

(e) "Debt" means liability on a claim.

(f) "Debtor" means a person that is liable on a claim.

(g) "Electronic" means relating to technology having electrical,

digital, magnetic, wireless, optical, electromagnetic or similar

capabilities.

(h) "Insider" includes:

(1) if the debtor is an individual:

(i) a relative of the debtor or of a general partner of the debtor;

(ii) a partnership in which the debtor is a general partner;

(iii) a general partner in a partnership described in subparagraph

(ii) of this paragraph; or

(iv) a corporation of which the debtor is a director, officer, or

person in control;

(2) if the debtor is a corporation:

(i) a director of the debtor;

(ii) an officer of the debtor;

(iii) a person in control of the debtor;

(iv) a partnership in which the debtor is a general partner;

(v) a general partner in a partnership described in subparagraph (iv)

of this paragraph; or

(vi) a relative of a general partner, director, officer or person in

control of the debtor;

(3) if the debtor is a partnership:

(i) a general partner in the debtor;

(ii) a relative of a general partner in, a general partner of or a

person in control of the debtor;

(iii) another partnership in which the debtor is a general partner;

(iv) a general partner in a partnership described in subparagraph

(iii) of this paragraph; or

(v) a person in control of the debtor;

(4) an affiliate, or an insider of an affiliate as if the affiliate

were the debtor; and

(5) a managing agent of the debtor.

(i) "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.

(j) "Organization" means a person other than an individual.

(k) "Person" means an individual, estate, partnership, association,

trust, business or nonprofit entity, public corporation, government or

governmental subdivision, agency or instrumentality, or other legal or

commercial entity.

(l) "Property" means anything that may be the subject of ownership.

(m) "Record" means information that is inscribed on a tangible medium

or that is stored in an electronic or other medium and is retrievable in

perceivable form.

(n) "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.

(o) "Sign" means, with present intent to authenticate or adopt a

record:

(i) to execute or adopt a tangible symbol; or

(ii) to attach to or logically associate with the record an electronic

symbol, sound, or process.

(p) "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, license, and creation of a lien or other encumbrance.

(q) "Valid lien" means a lien that is effective against the holder of

a judicial lien subsequently obtained by legal or equitable process or

proceedings.