Fin. Code, § 18415.5 · Article 4. Possession, Conservatorship, and Liquidation by the Commissioner
Fin. Code, § 18415.5
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
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.
Notes and commentary — not statutory text
History
Added by Stats. 1985, Ch. 140, Sec. 1. Effective July 1, 1985.
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=FIN§ionNum=18415.5.
- Text hash
- sha256 eaac2e84c61ae61424a453d50577691b9a63a3b8e526c37daa0ec167f7cd8de3
- 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
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.