[§651C-5]  Transfers fraudulent as to present creditors.  (a)  A transfer made or obligation incurred by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange for the transfer or obligation and the debtor was insolvent at that time or the debtor becomes insolvent as a result of the transfer or obligation.

     (b)  A transfer made by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made if the transfer was made to an insider for other than a present, reasonably equivalent value, the debtor was insolvent at that time, and the insider had reasonable cause to believe that the debtor was insolvent. [L 1985, c 216, pt of §1]

 

Case Notes

 

  Where partner was not a "creditor" as defined under §651C-1, other partner was not entitled to relief under this chapter.  92 H. 243, 990 P.2d 713.