Sec. 10. “Failed” or “failure” means any of the following:

(1) An inability of a licensee to financially satisfy fully all obligations due a claimant.

Terms Used In Indiana Code 26-4-1-10

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
(2) A public declaration of a licensee’s insolvency.

(3) The nonpayment of a licensee’s debts in the ordinary course of business if there is not a good faith dispute.

(4) Revocation or suspension of a licensee’s license, if the licensee has outstanding indebtedness owed to claimants.

(5) Voluntary surrender of a licensee’s license, if the licensee has outstanding indebtedness to claimants.

(6) Involuntary or voluntary bankruptcy of a licensee.

As added by P.L.250-1995, SEC.1. Amended by P.L.75-2010, SEC.17; P.L.42-2011, SEC.61.