California Financial Code

§ 18425.6

FIN § 18425.6 Effective Jul 1, 1985Div. 7 · Ch. 5 · Art. 4

Statute text

The amount of a claim of an investment certificate holder shall be the amount which the investment certificate holder would have been entitled to withdraw as of the date of taking possession, pursuant to Section 18415, plus interest thereon accrued to that date, without regard to whether the account is subject to any pledge. In the case of an account with a fixed or minimum term or a qualifying or notice period that has not expired as of the date of taking possession, interest shall be computed as if the account had been withdrawn on that date without penalty or reduction in interest. The liquidator shall give notice to each investment certificate holder of the amount of his or her claim and the investment certificate holder shall not be required to file a claim unless he or she disputes the amount of the liquidator’s determination.

Legislative history

Added by Stats. 1985, Ch. 140, Sec. 1. Effective July 1, 1985.