Unless otherwise defined in this division, “insolvent” means a credit union has ceased to pay its debts in the ordinary course of business, or cannot pay its debts as they become due, or is insolvent within the meaning of the federal bankruptcy law.
Cal. Fin. Code § 14005
Definitions
Known as the California Credit Union Law
The act spans §§ 14000–16906 (329 sections).
Added by Stats. 1982, Ch. 716, Sec. 2.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.