Section 26-4-1-10 - "Failed" or "failure" "Failed" or "failure" means any of the following:
(1) An inability of a licensee to financially satisfy fully all obligations due a claimant.(2) A public declaration of a licensee's insolvency.(3) The nonpayment of a licensee's debts in the ordinary course of business if there is not a good faith dispute.(4) Revocation or suspension of a licensee's license, if the licensee has outstanding indebtedness owed to claimants.(5) Voluntary surrender of a licensee's license, if the licensee has outstanding indebtedness to claimants.(6) Involuntary or voluntary bankruptcy of a licensee.Amended by P.L. 42-2011, SEC. 61, eff. 4/20/2011.As added by P.L. 250-1995, SEC.1. Amended by P.L. 75-2010, SEC.17.