25:2-21 - Definitions: A to H - New Jersey Statutes

25:2-21.     Definitions: A to H.      As used in this article:

    "Affiliate" means:

    a.   A person who directly or indirectly owns, controls, or holds with power to vote, 20% or more of the outstanding voting securities of the debtor, other than a person who holds the securities,

    (1)  As a fiduciary or agent without sole discretionary power to vote the securities; or

    (2)  Solely to secure a debt, if the person has not exercised the power to vote;

    b.   A corporation 20% 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 who directly or indirectly owns, controls, or holds with power to vote, 20% or more of the outstanding voting securities of the debtor, other than a person who holds the securities,

    (1)  As a fiduciary or agent without sole power to vote the securities; or

    (2)  Solely to secure a debt, if the person has not in fact exercised the power to vote;

    c.   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

    d.   A person who operates the debtor's business under a lease or other agreement or controls substantially all of the debtor's assets.

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

    a.   Property to the extent it is encumbered by a valid lien;

    b.   Property to the extent it is generally exempt under nonbankruptcy law; or

    c.   An interest in property held in tenancy by the entireties to the extent it is not subject to process by a creditor holding a claim against only one tenant.

    "Claim" 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.

    "Creditor" means a person who has a claim.

    "Debt" means liability on a claim.

    "Debtor" means a person who is liable on a claim. Source: R.S. 25:2-7.

    L. 1988, c. 74, s. 1.