Skip to main content

Code of Federal Regulations Title 27. Alcohol, Tobacco Products and Firearms § 27.555.75 Hearing after denial of renewal application or revocation of license or permit

Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

A. A debtor is insolvent if, at a fair valuation, the sum of the debtor's debts is greater than the sum of the debtor's assets.

B. A debtor that is generally not paying the debtor's debts as they become due other than as a result of a bona fide dispute is presumed to be insolvent.  The presumption imposes on the party against which the presumption is directed the burden of proving that the nonexistence of insolvency is more probable than its existence.

C. Assets under this section do not include property that has been transferred, concealed or removed with intent to hinder, delay or defraud creditors or that has been transferred in a manner making the transfer voidable under the Uniform Voidable Transactions Act.

D. Debts under this section do not include an obligation to the extent it is secured by a valid lien on property of the debtor not included as an asset.

Cite this article: FindLaw.com - Code of Federal Regulations Title 27. Alcohol, Tobacco Products and Firearms § 27.555.75 Hearing after denial of renewal application or revocation of license or permit - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-27-alcohol-tobacco-products-and-firearms/cfr-sect-27-555-75/


FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Was this helpful?

Thank you. Your response has been sent.

Copied to clipboard