Louisiana Civil Code 2037 – Insolvency
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Louisiana Civil Code 2037
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
An obligor is insolvent when the total of his liabilities exceeds the total of his fairly appraised assets.
Acts 1984, No. 331, §1, eff. Jan. 1, 1985; Acts 2003, No. 552, §1; Acts 2004, No. 447, §1.