Untitled section

242.01

 

Definitions.

In this chapter:

242.01(1)

(1)

 

“Affiliate” means any of the following:

242.01(1)(a)

(a)

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

242.01(1)(a)1.

1.

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

242.01(1)(a)2.

2.

Solely to secure a debt, if the person has not in fact exercised the power to vote.

242.01(1)(b)

(b)

A corporation 20 percent 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 percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities:

242.01(1)(b)1.

1.

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

242.01(1)(b)2.

2.

Solely to secure a debt, if the person has not in fact exercised the power to vote.

242.01(1)(c)

(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.

242.01(1)(d)

(d)

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

242.01(2)

(2)

 

“Asset” means property of a debtor, but does not include any of the following:

242.01(2)(a)

(a)

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

242.01(2)(b)

(b)

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

242.01(2)(bm)

(bm)

Property to the extent it is exempt under s.