California Financial Code

§ 17639

FIN § 17639Div. 6 · Ch. 6 · Art. 3

Statute text

After the issuance of an order of liquidation under Section 17635, any of the following transactions occurring within four months prior to the application for such order shall be voidable by the commissioner if such transaction has the effect of giving to or enabling any creditor of the licensee to obtain a preference over any other creditor, or to obtain a greater percentage of his debt than any other creditor:

(a)A transfer of property of the licensee.

(b)The creation of a lien upon the property of the licensee.

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Legislative history

Added by Stats. 1963, Ch. 2130.