California Financial Code

§ 4859

FIN § 4859 Effective Oct 2, 1995Div. 1.6 · Ch. 3 · Art. 2

Statute text

When a sale becomes effective:

(a)The purchaser shall succeed, without other transfer, to all the rights and property of the seller except any rights and property of the seller which are specifically not sold to the purchasing corporation under the agreement of sale.

(b)The purchaser shall assume and be subject to all the debts and liabilities of the seller in the same manner as if the purchaser had itself incurred them.

…

Legislative history

Amended by Stats. 1995, Ch. 480, Sec. 142. Effective October 2, 1995.