You can see that from here https://github.com/jquery/jquery/blob/master/src/ajax.js#L684
Here is an excerpt from http://api.jquery.com/jquery.ajax/#timeout
Set a timeout (in milliseconds) for the request. This will override any global timeout set with $.ajaxSetup(). The timeout period starts at the point the $.ajax call is made; if several other requests are in progress and the browser has no connections available, it is possible for a request to time out before it can be sent. In jQuery 1.4.x and below, the XMLHttpRequest object will be in an invalid state if the request times out; accessing any object members may throw an exception. In Firefox 3.0+ only, script and JSONP requests cannot be cancelled by a timeout; the script will run even if it arrives after the timeout period.
