Nevada Revised Statutes 657.045 – ‘Insolvency’ defined
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‘Insolvency’ means one or more of the following:
Terms Used In Nevada Revised Statutes 657.045
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
1. When a bank cannot meet its deposit liabilities as they become due in the regular course of business.
2. When the actual cash market value of a bank’s assets is insufficient to pay its liabilities to depositors and other creditors.
3. When a bank’s reserve falls under the amount required by chapters 657 to 671, inclusive, of NRS, and it fails to make good such reserve within 30 days after being required to do so by the Commissioner.
4. When the undivided profits and surplus are inadequate to cover losses of the bank and the stockholders’ or members’ equity of the bank has been reduced below the requirements of law.