Montana Code 32-2-1003. When mutual association insolvent
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32-2-1003. When mutual association insolvent. A mutual association is insolvent within the meaning of this chapter when its capital is absorbed in losses and the remaining assets are not sufficient to pay and discharge its contracts, debts, and engagements.
Terms Used In Montana Code 32-2-1003
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Capital: means , with respect to a mutual association:
(a)retained earnings; or
(b)at the discretion of the commissioner, any other form of capital, subject to any applicable federal and state laws. See Montana Code 32-2-603
- Mutual association: means any corporation that has been incorporated to conduct the business of receiving money on deposit from its members and making substantially all of its loans on one-to-four family real estate mortgage security. See Montana Code 32-2-603