MARVIN MANDEL, Governor

619

The only other changes are technical changes
in style.

15-202. INSOLVENCY.

(A)       IN GENERAL.

A PERSON IS INSOLVENT IF THE PRESENT FAIR MARKET
VALUE OF HIS ASSETS IS LESS THAN THE AMOUNT REQUIRED TO
PAY HIS PROBABLE LIABILITY ON HIS EXISTING DEBTS AS THEY
BECOME ABSOLUTE AND MATURED.

(B)       PARTNERSHIPS.

IN DETERMINING IF A PARTNERSHIP IS INSOLVENT, THERE
SHALL BE ADDED TO THE PARTNERSHIP PROPERTY:

(1)         THE PRESENT FAIR MARKET 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

(2)       THE AMOUNT OF ANY UNPAID SUBSCRIPTION TO
THE PARTNERSHIP OF EACH LIMITED PARTNER, IF THE PRESENT
FAIR MARKET VALUE OF THE ASSETS OF THE LIMITED PARTNER IS
PROBABLY SUFFICIENT TO PAY HIS DEBTS, INCLUDING THE
UNPAID SUBSCRIPTION.

REVISOR'S NOTE: This section presently appears as
Art. 39B, §2.

The phrase "fair market value" is substituted
for the tore obsolete "fair salable value."
This change does not affect the leaning of the
section.

The only other changes are technical changes
in style.

15-203. FAIR CONSIDERATION.

FAIR CONSIDERATION IS GIVEN FOR PROPERTY OR AN
OBLIGATION, IF:

(1)       IN EXCHANGE FOR THE PROPERTY OR OBLIGATION, AS
A FAIR EQUIVALENT FOR IT AND IN GOOD FAITH, PROPERTY IS
CONVEYED OR AN ANTECEDENT DEBT IS SATISFIED; OR

(2)       THE PROPERTY OR OBLIGATION IS RECEIVED IN GOOD
FAITH TO SECURE A PRESENT ADVANCE OR ANTECEDENT DEBT IN
AN AMOUNT NOT DISPROPORTIONATELY SMALL AS COMPARED TO THE
VALUE OF THE PROPERTY OR OBLIGATION OBTAINED.

REVISOR'S NOTE: This section presently appears as