The Federal bankruptcy act contains several important terms.

The Federal bankruptcy act contains several important terms. One such term is "insider". The term is used in connection with preferences and preferential transfers. Which amoung the following in not an "insider".

Answer: A secured creditor having a security interest in at least 25% or more of the debtor's property.

Explanation: A secured creditor is not an "insider" for the purposes of a preferential transfer.
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One of the elements necessary to establish that a preferential transfer has been made under the Bankruptcy Code by the debtor to a creditor is that the..

One of the elements necessary to establish that a preferential transfer has been made under the Bankruptcy Code by the debtor to a creditor is that the..

Answer: Debtor was insolvent at the time of the transfer.

 Explanation: Under the Bankruptcy Act, one of the elements which must be established in proving that a preferential transfer was made is that the debtor was insolvent at the time of the transfer. The Bankruptcy Act presumes that the debtor is insolvent during 90 days prior to the date the petition was filed.

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