Corp. Code, § 12654 · Chapter 17. General Provisions Relating to Dissolution
Corp. Code, § 12654
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
The payment of a debt or liability, whether the whereabouts of the creditor is known or unknown, has been adequately provided for if the payment has been provided for by either of the following means:
(a) Payment thereof has been assumed or guaranteed in good faith by one or more financially responsible persons or by the United States government or any agency thereof, and the provision (including the financial responsibility of such persons) was determined in good faith and with reasonable care by the board to be adequate at the time of any distribution of the assets by the board pursuant to this chapter.
(b) The amount of the debt or liability has been deposited as provided in Section 12659.
This section does not prescribe the exclusive means of making adequate provision for debts and liabilities.
Notes and commentary — not statutory text
History
Added by Stats. 1982, Ch. 1625, Sec. 3. Operative January 1, 1984.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=CORP§ionNum=12654.
- Text hash
- sha256 3f82080a82a89ce80ee2e9348c36342d7e449593da28d8941c3266f85eaafdd0
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
This section cites
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Corporations Code
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.