Fin. Code, § 18420.1 · Article 4. Possession, Conservatorship, and Liquidation by the Commissioner
Fin. Code, § 18420.1
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
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).
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=18420.1.
- Text hash
- sha256 9202141de132fee7d3ec8a1643199696f5d9881c114c7071125f690b175fa670
- 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.