{"code":"FIN","codeName":"Financial Code","section":"31042","citation":"Fin. Code, § 31042","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"DIVISION 15. BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS [31000. - 31952.]","url":"https://blackletter.si/financial-code/division-15"},{"name":"CHAPTER 1. General Provisions [31000. - 31056.]","url":"https://blackletter.si/financial-code/division-15/chapter-1"},{"name":"ARTICLE 3. Definitions [31030. - 31056.]","url":"https://blackletter.si/financial-code/division-15/chapter-1/article-3"}],"history":"Added by Stats. 1977, Ch. 1164.","effective":null,"html":"<p>“Insolvent”, when used with respect to any person, means a person who has ceased to pay his debts in the ordinary course of business, who cannot pay his debts as they become due, or whose liabilities exceed his assets.</p>","text":"“Insolvent”, when used with respect to any person, means a person who has ceased to pay his debts in the ordinary course of business, who cannot pay his debts as they become due, or whose liabilities exceed his assets.","otherVersions":[],"url":"https://blackletter.si/financial-code/definitions-31042","source":"California Legislative Information bulk export (pubinfo)"}