California Government Code

§ 87462

GOV § 87462 Effective Jan 1, 1998Title 9 · Ch. 7 · Art. 4.6

Statute text

(a)Except as set forth in subdivision (b), a personal loan shall become a gift to the debtor for the purposes of this title in the following circumstances:

(1)If the loan has a defined date or dates for repayment, when the statute of limitations for filing an action for default has expired.

(2)If the loan has no defined date or dates for repayment, when one year has elapsed from the later of the following:

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Legislative history

Added by Stats. 1997, Ch. 638, Sec. 2. Effective January 1, 1998.