For purposes of this section the following words, as used in federal bankruptcy laws, have the meanings indicated. “The case” means the assignment for the benefit of creditors proceeding or the receivership proceeding, whichever is applicable; “Commencement of the case” means commencement of the assignment for the benefit of creditors proceeding or receivership proceeding; “The court” means the court in which the assignment for the benefit of creditors proceeding or receivership proceeding is filed; “Date of the filing of the petition” means the date of the commencement of the assignment for the benefit of creditors proceeding or receivership proceeding; “Debtor” means the insolvent as that term is defined in subsection (b) of this section; “The estate” means the estate that is created when an assignee for the benefit of creditors or a receiver of the assets of an insolvent is appointed; “The estate” includes all property, assets, interests, and rights with respect to which the assignee or receiver is acting as a fiduciary; “Order for relief” means the order appointing the assignee for the benefit of creditors or the receiver of the assets of an insolvent; “Petition” means the pleading filed to commence the assignment for the benefit of creditors proceeding or receivership proceeding; “Trustee” means the assignee for the benefit of creditors or receiver of the assets of an insolvent; and Other words, including “insolvent” and “insider”, when used in federal bankruptcy law shall have the meanings set forth in the definition section of the federal bankruptcy law or as interpreted by the federal courts applying federal bankruptcy law. In this section the following words have the meanings indicated. “Insolvent” means the assignor in an assignment for the benefit of creditors proceeding or the insolvent with respect to whose affairs a receiver has been appointed. “Judicial lien” means a lien obtained by judgment, levy, sequestration, or other legal or equitable process or proceeding. Any assignee for the benefit of creditors or receiver of the assets of an insolvent shall be vested with full title to all the property and assets of the insolvent and with full power to enforce obligations or liabilities in favor of the insolvent. All preferences, payments, transfers, and obligations made or suffered by the insolvent which are fraudulent, void, or voidable under any act of the Congress of the United States relating to bankruptcy are fraudulent, void, or voidable, respectively, under this subtitle to the same extent that they would be fraudulent, void, or voidable under applicable federal bankruptcy law. Any assignee for the benefit of creditors or receiver of the assets of an insolvent may set aside any: Fraudulent conveyance as defined in Subtitle 2 of this title; and Preference, payment, transfer, or obligation that is fraudulent, void, or voidable under subsection (d) of this section. Any assignee for the benefit of creditors or receiver of the assets of an insolvent has, as of the date of the commencement of the proceeding, the rights: Of a creditor that extends credit to the insolvent at the time of the commencement of the proceeding and that obtains, at such time and with respect to such credit, a judicial lien on all property on which a creditor on a simple contract could have obtained such a judicial lien, whether or not such a creditor exists; Of a creditor that extends credit to the insolvent at the time of the commencement of the proceeding and obtains, at such time and with respect to such credit, an execution against the insolvent that is returned unsatisfied at such time, whether or not such a creditor exists; Of a bona fide purchaser of real property, other than fixtures, from the insolvent, against whom applicable law permits such transfer to be perfected, that obtains the status of a bona fide purchaser and has perfected such transfer at the time of the commencement of the proceeding, whether or not such a purchaser exists; and To avoid any preference, payment, transfer, or obligation that is fraudulent, void, or voidable under subsection (d) of this section.

In this section the following words have the meanings indicated. “Person” includes an individual, corporation, business trust, statutory trust, estate, trust, partnership, limited liability company, association, two or more persons having a joint or common interest, or any other legal or commercial entity. “Wages” means all remuneration paid to any employee for his employment, including the cash value of all remuneration paid in any medium other than cash. The property of an insolvent who makes an assignment for the benefit of creditors or who has his property taken by a receiver under a decree of a court in an insolvency proceeding shall be applied to the following, in the order stated: Costs and expenses of the administration of the trust or insolvency proceeding which the court approves; Wages of an employee and health, welfare, and pension contributions contracted for in place of wages, earned not more than three months before the assignment or institution of the insolvency proceeding; Lien claims of the State, a county, municipal corporation, or other political subdivision of the State perfected or recorded before the assignment or institution of the insolvency proceeding, and claims of persons having judicial liens on property of the insolvent recorded more than four months before the assignment or institution of the insolvency proceeding; Unsecured claims of individuals, to the extent of $900 for each individual, arising from the deposit, before the commencement of the case, of money in connection with the purchase, lease, or rental of property, or the purchase of services, for the personal, family, or household use of the individuals, that were not delivered or provided; Rent for any interest in real property in the State due not more than three months before the execution of the assignment or institution of the insolvency proceeding; Charges in connection with the transportation of goods advanced by one common carrier to another on behalf of a consignor or consignee not more than three months before the assignment or institution of the insolvency proceeding; Taxes not included in paragraph (3) of this subsection; and Claims of unsecured creditors. For the purpose of subsection (b)(1) of this section, the landlord’s claim for rent for any interest in real property in this State due not more than three months before the execution of the assignment or institution of the insolvency proceeding shall be considered a perfected lien on the distrainable property of the insolvent to the same extent as if distress for rent was levied by the landlord before the assignment or the institution of the insolvency proceeding.