{"data":{"id":"us-ky/krs-378a.010","jurisdiction":"us-ky","citation":"KRS 378A.010","heading":"Definitions for chapter.","body":"As used in this chapter:\n(1) \"Affiliate\" means:\n(a) A person that directly or indirectly owns, controls, or holds with power to\nvote, twenty percent (20%) or more of the outstanding voting securities of the\ndebtor, other than a person that holds the securities:\n1. As a fiduciary or agent without sole d iscretionary power to vote the\nsecurities; or\n2. Solely to secure a debt, if the person has not in fact exercised the power\nto vote;\n(b) A corporation twenty percent (20%) or more of whose outstanding voting\nsecurities are directly or indirectly owned, con trolled, or held with power to\nvote, by the debtor or a person that directly or indirectly owns, controls, or\nholds, with power to vote, twenty percent (20%) or more of the outstanding\nvoting securities of the debtor, other than a person that holds the securities:\n1. As a fiduciary or agent without sole discretionary power to vote the\nsecurities; or\n2. Solely to secure a debt, if the person has not in fact exercised the power\nto vote;\n(c) A person whose business is operated by the debtor under a lease or ot her\nagreement, or a person substantially all of whose assets are controlled by the\ndebtor; or\n(d) A person that operates the debtor's business under a lease or other agreement\nor controls substantially all of the debtor's assets;\n(2) \"Asset\" means property of a debtor, but the term does not include:\n(a) Property to the extent it is encumbered by a valid lien;\n(b) Property to the extent it is generally exempt under nonbankruptcy law; or\n(c) An interest in property held in tenancy by the entireties to the extent it is not\nsubject to process by a creditor holding a claim against only one (1) tenant.\n(3) \"Claim,\" except as used in \"claim for relief,\" means a right to payment, whether or\nnot the right is reduced to judgment, liquidated, unliquidated, fixed, contingent,\nmatured, unmatured, undisputed, legal, equitable, secure, or unsecured;\n(4) \"Creditor\" means a person that has a claim;\n(5) \"Debt\" means liability on a claim;\n(6) \"Debtor\" means a person that is liable on a claim;\n(7) \"Electronic\" means relating to technology having electrical, digital, magnetic,\nwireless, optical, electromagnetic, or similar capabilities;\n(8) \"Insider\" includes:\n(a) If the debtor is an individual:\n1. A relative of the debtor or of a general partner of the debtor;\n2. A partnership in which the debtor is a general partner;\n3. A general partner in a partnership described in subparagraph 2. of this\nparagraph; or\n4. A corporation of which the debtor is a director, officer , or person in\ncontrol;\n(b) If the debtor is a corporation:\n1. A director of the debtor;\n2. An officer of the debtor;\n3. A person in control of the debtor;\n4. A partnership in which the debtor is a general partner;\n5. A general partner in a partnership des cribed in subparagraph 4. of this\nparagraph; or\n6. A relative of a general partner, director, officer, or person in control of\nthe debtor;\n(c) If the debtor is a partnership:\n1. A general partner in the debtor;\n2. A relative of a general partner in, a gene ral partner of, or a person in\ncontrol of the debtor;\n3. Another partnership in which the debtor is a general partner;\n4. A general partner in a partnership described in subparagraph 3. of this\nparagraph; or\n5. A person in control of the debtor;\n(d) An affiliate, or an insider of an affiliate as if the affiliate were the debtor; and\n(e) A managing agent of the debtor;\n(9) \"Lien\" means a charge against or an interest in property to secure payment of a debt\nor performance of an obligation, and includes a security interest created by\nagreement, a judicial lien obtained by legal or equitable process or proceedings, a\ncommon-law lien, or a statutory lien;\n(10) \"Organization\" means a person other than an individual;\n(11) \"Person\" means an indivi dual, estate, business or nonprofit entity, public\ncorporation, government or governmental subdivision, agency, or instrumentality,\nor other legal entity;\n(12) \"Property\" means anything that may be the subject of ownership;\n(13) \"Record\" means information that is inscribed on a tangible medium or that is stored\nin an electronic or other medium and is retrievable in perceivable form;\n(14) \"Relative\" means an individual related by consanguinity within the third degree as\ndetermined by the common law, a spouse , or an individual related to a spouse\nwithin the third degree as so determined, and includes an individual in an adoptive\nrelationship within the third degree;\n(15) \"Sign\" means, with present intent to authenticate or adopt a record:\n(a) To execute or adopt a tangible symbol; or\n(b) To attach to or logically associate with the record an electronic symbol, sound,\nor process;\n(16) \"Transfer\" means every mode, direct or indirect, absolute or conditional, voluntary\nor involuntary, of disposing of or parting with an asset or an interest in an asset, and\nincludes payment of money, release, lease, license, and creation of a lien or other\nencumbrance; and\n(17) \"Valid lien\" means a lien that is effective against the holder of a judicial lien\nsubsequently obtained by legal or equitable process or proceedings.","path":["KRS Chapter 378A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=44721","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:09Z","sha256":"026dbf8e797db419336b6e5c761aa1c739e47d8be2551d4799040bd83663b432","source_id":"us-ky","stale":false,"prev":"us-ky/krs-378a.005","next":"us-ky/krs-378a.020"},"notice":"GroundRules: Original legal text. Not legal advice."}