California Probate Code

§ 16321

PROB § 16321 Effective Jan 1, 2024Div. 9 · Part 4 · Ch. 3 · Art. 1

Statute text

The following definitions apply for purposes of this chapter:

(a)“Accounting period” means a calendar year, unless a fiduciary selects another period of 12 calendar months or approximately 12 calendar months. The term includes a part of a calendar year or another period of 12 calendar months or approximately 12 calendar months that begins when an income interest begins or ends when an income interest ends.

(b)“Asset-backed security” means a security that is serviced primarily by the money flows of a discrete pool of fixed or revolving receivables or other financial assets that by their terms convert into money within a finite time. The term includes rights or other assets that ensure the servicing or timely distribution of proceeds to the holder of the asset-backed security. The term does not include an asset to which Section 16340, 16348, or 16353 applies.

…

Legislative history

Repealed and added by Stats. 2023, Ch. 28, Sec. 2. (SB 522) Effective January 1, 2024.