Terms Used In Nebraska Statutes 21-1712

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Capital: shall mean share accounts, membership shares, reserve accounts, and undivided earnings. See Nebraska Statutes 21-1703
• Credit union: shall mean a cooperative, nonprofit corporation organized under the Credit Union Act for purposes of educating and encouraging its members in the concept of thrift, creating a source of credit for provident and productive purposes, and carrying on such collateral activities as are set forth in the act. See Nebraska Statutes 21-1705
• Director: shall mean the Director of Banking and Finance. See Nebraska Statutes 21-1707
• 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. See Nebraska Statutes 21-1712
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Reserves: shall mean an allocation of retained income and shall include regular and special reserves, except for any allowance for loan or investment losses. See Nebraska Statutes 21-1720