657.045 - “Insolvency” defined.
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 this title, 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.
(Added to NRS by 1971, 965; A 1983, 1721; 1987, 1897; 1997, 974)