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California Financial Code

§ 594

FIN § 594 Effective Jan 1, 2012Div. 1 · Ch. 6 · Art. 5

Statute text

View on leginfo.ca.gov
(a)Upon taking possession of the property and business of any licensee, the commissioner shall give notice of that fact to all persons holding or having in their possession any assets of the licensee. No person knowing of the taking, or who has been notified thereof, shall have a lien or charge upon any assets of the licensee for any payment, advance, or clearance thereafter made or for any liability thereafter incurred.
(b)The giving of notice in accordance with this section shall not be deemed to be a prerequisite to the taking of possession of the property and business of the licensee.

Legislative history

Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.

Source: California Financial Code § 594 from the California Legislative Information (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.