21-1712. Insolvent, defined.
94 words·~1 min read·
/ne/chapter-21/21-1712A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Insolvent shall mean a condition in which
(1)the actual cash market value of the assets of a credit union is insufficient to pay its liabilities to its members,
(2)a credit union is unable to meet the demands of its creditors in the usual and customary manner,
(3)a credit union, after demand in writing by the director, fails to make good any deficiency in its reserves as required by law, or
(4)a credit union, after written demand by the director, fails to make good an impairment of its capital or surplus.