  |
  |
  |
    
  
   |
 | |||
|
|
|
|
| |||
180 F.3d 504 (3d Cir. 1999). In Stewart v. Barry County Livestock Auction, Inc. (In re Stewart), 274 B.R. 503 (Bankr. W.D. Ark.), aff'd, 282 B.R. 871 (B.A.P. 8th Cir. 2002), the debt was antecedent where:
(1) all buyers at livestock auction barn were required to pay for their purchases on the date of the sale;
(2) debtor's cattle purchase debts were incurred on date of sale;
(3) payment by cashiers check was made two weeks after the sale.
11 U.S.C. S 101(32) states that "insolvent" means
(A) with reference to an entity other than a partnership and a municipality, financial condition such that the sum of such entity's debts is greater than all of such entity's property, at a fair evaluation, exclusive of -
(i) property transferred, concealed, or removed with intent to hinder, delay, or defraud such entity's creditors; and
(ii) property that may be exempted from property of the estate under section 522 . . . ;
(B) with reference to a partnership, financial condition such that the sum of such partnership's debt is greater than the aggregate of, at a fair valuation
(i) all of such partnership's property, exclusive of property of the kind specified in subparagraph (A)(i) . . .; and
(ii) the sum of the excess of the value of each general partner's nonpartnership property, exclusive of property of the kind specified in subparagraph (A) of this paragraph, over such
partner's nonpartnership debts; and
(C) with reference to a municipality, financial condition such that the municipality is
