California Insurance Code

§ 1031

INS § 1031 Effective Jan 1, 1996Div. 1 · Part 2 · Ch. 1 · Art. 14

Statute text

Mutual debts or mutual credits, whether arising out of one or more contracts between the person in liquidation under Section 1016 and any other person, shall be set off and the balance only shall be allowed or paid, except with respect to any of the following obligations as described in subdivisions (a) to (d), inclusive:

(a)The obligation of the person in liquidation to such other person does not entitle such other person claiming such set-off to share as a claimant in the assets of the person in liquidation.

(b)The obligation of the person in liquidation to the other person was purchased by, or transferred to, the other person.

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Legislative history

Amended by Stats. 1995, Ch. 580, Sec. 4. Effective January 1, 1996.