Nev. Rev. Stat. § 657.045

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1
Section 657.045 - "Insolvency" defined

"Insolvency" means one or more of the following:

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.

NRS 657.045

Added to NRS by 1971, 965; A 1983, 1721; 1987, 1897; 1997, 974
Added to NRS by 1971, 965; A 1983, 1721; 1987, 1897; 1997, 974