The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1920-06-25
PuaLIc cENERAL LAws

acted to follow Article BOA Of said Code
endsfe iYr known as Article Bob. said new
Article to consist Of Table Of Contents
and fourteen SECTIONS rs follows
CONTENTS.
Sec. !. Definition Of Terms
Ser. 2 Insolvency
Sec. 3. Fair Consideration.
Sec. f. Convexances BIZ IEsolyent.
Sec. 5. Conveyances by Persons in
Business.
See .. Conveyances BY Persons about
Sec. Conveyances made with In
tent to Dcfraud.
See s. Conveyancea Of Partnership
Sec 8. Rights Of Creditors Whose
Claims Have Matured.
Sec. 10. Rights of Creditors Whose
Claims Have Not Matured.
Sec. II. Cases Not Provided for in
'ns Sec ae'i IL. Construction.
Sec 49, Name of Act.
Sec A. Inconsistent Legislation Re
SECTION 4 Definition Of Terms. In
fhisaAct assets Of a debtor means prop
erty not exempt from liability for his
debts TO the extent that any property
Is liable for any debts of the debtor. such
property shall e included in his assets.
Conveyance" includes every payment
Of money, assignment, release, transfer,
lease mortgage or pledge Of tangible OF
Intangible property, and also the crea-
'sCfeditor" is q person having any
claim. whether matured or unmatured.
Iianidated or unliquidated. absolute, fixed
or contingent 49,
tDeht includes any legal liability,
whether matnred or unma tiired. lfqui-
dated or unliquidated, absolute, fixed or
contingent
SEC q Insolvency. IA 4 person
is insoivent when the present fair salable
value Of his assets is less than the amount
that will be required to pay his probable
liability on his existing debts as they be-
come absolute and matured.
~ In determining whether part
neFship; is insolyent there shall be added
To- sthes partnership propeTty the present
fair salable. value of the separate assets
Of each general partner IN excess of the
amount probably sufficient to meet the
claims of his separate creditors, and also
the amount Of any unpaid subscription to
tho Partnership Of each limited partner.
providad the present fair salable value Of
the assets of such limited partner is
probably sufficient TO pay his debts IN
clBdiHg such unpaid subscription.
SEC s. Fair Consideration Fair
consideration is given for property, or OBJ
lgati6n,
la When in exchange for such prop
erty, sor obligation, as a fair equivalent
therefor, and in good faith, property is
conveyed or an antecedent debt is satis-
{b) When such property or obliga-
tion is received in good faith to secure,
present advance or antecedent debt IN
amount not dispropOrtionatel small as
compared with the value of the property.
or obligation obtained.
Cxaft- H Nv ms
Every conveyance made and every ohliga-
ton incurred by q person who is OF. viii be
thereby rendered insolvent is fraudulent
as to creditors with0ut regard to his ac-
tual intent if the conveyance is made or
the sob igatinn is incurred without ra fair
coRSide rat ton ssets
SECt 5. Conveyance by Persons in
BNSness.O Every conveyanc made with
outs fairl confederation when the person
making il Isl engaged or is about to engage
i1ixas business or transaction for VIII ellSthe
property remaining in his hands after the
conveyance is an rrreasonablX small CAPT
tall IS fraud ulent as to ere ditoFs and as 20
other persons who become creditors dur
ing the continuance sof such business eeT.
transaction without regard to his actual
intentst sss $50 X 49, sE7l
Sire 81 Cpnveyasice by a Person
about to- Incur sDehts. Every conyeNanee
made and every obligation incurred with
OUT fair consideration when the person
making the conveyance or entering into
the obligation intends or believes that he
viii incur debts beyond his ability to pay
as they mature, is fraudulent as to both
present and future creditors.
SEC. q tConveyance Made With IN
tent to Defraud. Every conveyance
made and every Obligation incurred with
actual IN tent, as distinguished from intent
presumed in law, to hinder, delay, or de-
fraud either present or future creditors,
is fraudulent as to both present and
future creditors.
SEC. 8. Conveyance of Partnership
Property Every conveyance of partner
ship property and every partnership obli-
cation incurred when the partnership is
fraudulent as to partnership creditors il
the conveyance is made or obligation is
incurred FL sssl s. .s 4
Ia@ To = partner. whether or with
outasa promise BY him to pay partner
shipsdebtss or IS ffs ai
out fair consideration to- the partnership
assdistingv freEa consideration to the
Individual partners. IA
SEc. 8. Rights at Creditors Whose
Claims Have: Matufed, 81 Cd sMhere a
Conveyance or Obligation is fraudulent as
30 asscreditors such creditor. when his
claim has matured may, as against any
sideration without knowledge of the fraud
1t the time of the purchase, or one who
has derived title Immediately or upediatlv
from such purchaser,
TAI Have the conveyance set aside or
obligation annulled to the extent neces
sary to satisfy his claim, or
Obi Disregard the conveyance and
1 attach or levy execution upon the prop
NertY conveyed.
(2) "A purchaser who without actual
fraudulent intent has given less than a
fair consideration for the conveyance or
obligation, may retain the property or
obligation as security for repayment.
SEC. 10. fRights of Creditors Whose
Claims Have Not Matured.l Where q
conveyance made or obligation Incurred
is fraudulent as to creditor whose claim
has not matured he may proceed in n
court of competent jurisdiction against
any person against whom he could have
proceeded bad his claim matured and the
court may,
{al Restrain the defendant from dis
posing Of his property. =
stb1 Appoint a receiver to take charge
Of the property.
tcl Set aside the conveyance or an,
nul the obligation. or
tdl Make any order which the cir.
cumstances of the case ufsy reauire.
SEC. IL. 4 Cases not Provided for III
Actl In any case not provided for IN
fhix Act fhp rules of law and p0llify IN