31042. '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.(Added by Stats. 1977, Ch. 1164.)
California Legal Code
§ 31042
Source: https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=FIN&division=15.&title=&part=&chapter=1.&article=3.· Version 2026