California Financial Code

§ 4879.14

FIN § 4879.14 Effective Oct 2, 1995Div. 1.6 · Ch. 3 · Art. 5

Statute text

When a sale becomes effective:

(a)The purchaser shall succeed, without other transfer, to all rights and property of the seller which are sold to the purchaser under the agreement of sale.

(b)The purchaser shall assume in the same manner as if the purchaser had itself incurred such debts and liabilities, and shall be subject to, all debts and liabilities of the seller transferred to the purchaser under the agreement of sale.

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Legislative history

Added by Stats. 1995, Ch. 480, Sec. 155. Effective October 2, 1995.