Statute · California Financial Code
Cal. Fin. Code § 18415.5 — Possession, Conservatorship, and Liquidation by the Commissioner
Cal. Fin. Code § 18415.5
- Type
- Statute
- Source
- California Financial Code
- Jurisdiction
- California
- Date
- 1985-07-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
Upon taking possession of the property and business of any industrial loan company, the commissioner shall give notice of that fact to all persons holding or having in their possession any assets of the company. The notice required by this section shall not be deemed to be a prerequisite to the…
Citator
Cal. Fin. Code § 18415.5 — Possession, Conservatorship, and Liquidation by the Commissioner is in force in the current edition of the Code, and nothing recorded condemns it.
Upon taking possession of the property and business of any industrial loan company, the commissioner shall give notice of that fact to all persons holding or having in their possession any assets of the company. The notice required by this section shall not be deemed to be a prerequisite to the taking of possession of the property and business of the industrial loan company. No person knowing of the taking, or who has been notified thereof, shall have a lien or charge upon any assets of the company for any payment, advance or clearance thereafter made, or for any liability thereafter incurred.
Notice is deemed given when the commissioner has either made personal service of the notice, or mailed the notice to the person by certified mail.