Frequently Asked Questions
Means a Member who:
a. makes an assignment for the benefit of creditors.
b. files a voluntary petition in bankruptcy.
c. is adjudged a bankrupt or insolvent or has entered against the Member an order for relief in any bankruptcy or insolvency proceeding; files a petition or answer seeking for herself or himself any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any statute, law, or regulation, if the proceeding has not been dismissed within 120 days after commencement.
d. files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the member in any proceeding of this nature; or
e. seeks, consents to, or acquiesces in the appointment of a trustee, receiver, or liquidator of the Member or of all or any substantial part of the Member’s properties, if within ninety (90) days after the appointment without the Member’s consent or acquiescence of a trustee, receiver, or liquidator of the Member or of all or any substantial part of the Member’s properties, the appointment is not vacated or stayed, or within ninety (90) days after the expiration of any such stay, the appointment is not vacated.
Means the value for purposes of redemption.