Statute · California Financial Code
Cal. Fin. Code § 18420.1 — Possession, Conservatorship, and Liquidation by the Commissioner
Cal. Fin. Code § 18420.1
- Type
- Statute
- Source
- California Financial Code
- Jurisdiction
- California
- Date
- 1985-07-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
No transaction involving real or personal property, investment or reinvestment of funds or assets, or settlement or compromise of pending lawsuits shall be made without first obtaining permission of the court, and then only in accordance with such terms as the court may prescribe, when either of…
Citator
Cal. Fin. Code § 18420.1 — Possession, Conservatorship, and Liquidation by the Commissioner is in force in the current edition of the Code, and nothing recorded condemns it.
No transaction involving real or personal property, investment or reinvestment of funds or assets, or settlement or compromise of pending lawsuits shall be made without first obtaining permission of the court, and then only in accordance with such terms as the court may prescribe, when either of the following exist:
(a) The principal sum of any obligation due the company or settlement or compromise of a pending lawsuit exceeds the sum of fifteen thousand dollars ($15,000).
(b) The market value of any real or personal property, except obligations due the company, exceeds the sum of ten thousand dollars ($10,000).