TITLE 32. FINANCIAL INSTITUTIONS

CHAPTER 1. BANKS AND TRUST COMPANIES

Part 5. Dissolution, Closing, and Liquidation

Bank Insolvent When

32-1-503. Bank insolvent when. A bank is insolvent within the meaning of this chapter when all of its capital, surplus, and undivided profits are absorbed in losses and the remaining assets are not sufficient to pay and discharge its contracts, debts, and engagements.

History: En. Sec. 88, Ch. 89, L. 1927; re-en. Sec. 6014.99, R.C.M. 1935; R.C.M. 1947, 5-1015.