California Corporations Code

§ 28037

CORP § 28037 Effective Jan 1, 1999Div. 3 · Title 4 · Ch. 1 · Art. 2

Statute text

“Insolvent,” when used with respect to any person, means a person who has ceased to pay his or her debts in the ordinary course of business, who cannot pay his or her debts as they become due, or whose liabilities exceed his or her assets.

Legislative history

Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.