California Revenue and Taxation Code

§ 20637

RTC § 20637Div. 2 · Part 10.5 · Ch. 3

Statute text

If the Controller determines that amounts postponed under this chapter have become due and payable, the Controller may take any or all of the following actions:

(a)Demand payment of such amount from the claimant, the estate of any decedent claimant, or any person who was a co-owner with the claimant of the cooperative housing corporation shares.

(b)Direct the Department of General Services to sell any property, including shares in the cooperative housing corporation, pledged by the claimant as security for postponement. The cooperative housing corporation from which the shares were issued shall have first opportunity to purchase at fair market value any shares in the cooperative housing corporation offered for sales under this subdivision, according to a procedure set forth by the Controller in the Recognition Agreement prepared pursuant to paragraph (2) of subdivision (b) of Section 20630.

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Legislative history

Added by Stats. 1978, Ch. 43.