N.Y. Debtor & Creditor Law § 271: Insolvency

§ 271. Insolvency. (a) 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.

(b) 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.

(c) 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 article.

(d) 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.