Indiana Code 26-4-1-10. “Failed” or “failure”
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Sec. 10. “Failed” or “failure” means any of the following:
(2) A public declaration of a licensee’s insolvency.
(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.
(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.