W. Va. Code R. § 142-8-14

Current through Register Vol. XLI, No. 25, June 21, 2024

Section 142-8-14 - Insolvency

14.1. If an audit reveals that a trust account or trustee appears to be insolvent, the Department shall have the authority, in the reasonable exercise of discretion, to find a substitute trustee to undertake the management of the trust funds.

14.2. For the purposes of this section, "insolvency" means the occasion or occurrence of any event or series of events whereby the current trust obligations exceed the total current assets of the trust.