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Financial Code - FIN - FIN § 18415.21
Financial Code - FIN - FIN § 18415.21
Any transaction occurring within six months of the date of taking possession shall be voidable by the conservator or liquidator if the transaction has the effect of giving to, or enabling any creditor of, the company, any affiliate of the company, any officer, director, stockhold
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Financial Code - FIN - FIN § 18415.22
Financial Code - FIN - FIN § 18415.22
No obligation may be purchased or discounted under any agreement between the company and any person involving the purchase or discount of obligation from the person, with or without recourse, from the moment of taking possession pursuant to Section 18415. Any guarantees, recourse
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Financial Code - FIN - FIN § 18415.23
Financial Code - FIN - FIN § 18415.23
No attachment or execution shall be issued against the property of any company before final judgment in any action or proceeding in any court.
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Financial Code - FIN - FIN § 18415.3
Financial Code - FIN - FIN § 18415.3
(a) Whenever the net worth of an industrial loan company, exclusive of its good will, is less than 90 percent of the aggregate sum of its outstanding investment certificates, exclusive of those hypothecated with the company issuing them, divided by the fraction that is its invest
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Financial Code - FIN - FIN § 18415.4
Financial Code - FIN - FIN § 18415.4
The commissioner may also, upon the request of the board of directors of a company, take possession of the property and business of a company and as conservator, take such action as the commissioner deems proper.
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Financial Code - FIN - FIN § 18415.5
Financial Code - FIN - FIN § 18415.5
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 prer
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Financial Code - FIN - FIN § 18415.6
Financial Code - FIN - FIN § 18415.6
Any officer, agent, employee, director, or stockholder of a company who refuses to comply with the demand for possession issued under Section 18415 shall be guilty of a misdemeanor punishable by a fine of not more than one thousand dollars ($1,000) or imprisonment not exceeding o
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Financial Code - FIN - FIN § 18415.7
Financial Code - FIN - FIN § 18415.7
On demand of the commissioner, it shall be the duty of the sheriff of any county of the state, and of the police department of any municipal corporation therein, to furnish the commissioner with deputies, patrolmen, or officers as may be necessary to assist the commissioner in ma
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Financial Code - FIN - FIN § 18415.8
Financial Code - FIN - FIN § 18415.8
Upon taking possession of the property and business of any company, the superior court for the county in which the head office of the company is located shall have exclusive original jurisdiction of all proceedings relating thereto and of any action or other proceedings brought u
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Financial Code - FIN - FIN § 18415.9
Financial Code - FIN - FIN § 18415.9
At any time after the order taking possession issued under Section 18415 has been filed with the court, the commissioner may remove the principal office of the person proceeded against to the City and County of San Francisco or to the City of Los Angeles. In the event of removal,
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Financial Code - FIN - FIN § 18420
Financial Code - FIN - FIN § 18420
The commissioner, as conservator or liquidator, after taking possession of the company, shall, in his or her name, in the name of the company, in the name of both, or otherwise, have authority to do all of the following: (a) Collect all obligations and money due the company. (b)
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Financial Code - FIN - FIN § 18420.1
Financial Code - FIN - FIN § 18420.1
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
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Financial Code - FIN - FIN § 18420.2
Financial Code - FIN - FIN § 18420.2
The commissioner may, with ex parte approval of the court, sell all or any part of the company’s assets to another industrial loan company, to a bank, to a savings and loan association, to Guaranty Corporation, or to an instrumentality of the United States government. In like man
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Financial Code - FIN - FIN § 18420.5
Financial Code - FIN - FIN § 18420.5
The commissioner may appoint a person to act as conservator or liquidator of the company. The person appointed may be Thrift Guaranty Corporation of California. If the company’s outstanding thrift obligations are insured by an instrumentality of the United States government, the
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Financial Code - FIN - FIN § 18420.6
Financial Code - FIN - FIN § 18420.6
The commissioner shall have the authority to terminate the appointment of a conservator or liquidator whenever the commissioner deems it in the best interest of the company, its creditors, and investors. The commissioner shall file a copy of the notice of termination with the cou
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Financial Code - FIN - FIN § 18420.7
Financial Code - FIN - FIN § 18420.7
The commissioner may require a conservator or liquidator to provide such bond as the commissioner deems proper. The conservator or liquidator shall receive a salary, fixed by the commissioner, in an amount no greater than that which would be paid by the commissioner to a special
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Financial Code - FIN - FIN § 18425
Financial Code - FIN - FIN § 18425
If at any time after taking possession of the property and business of a company it shall appear to the commissioner that it would be futile to proceed as conservator with the conduct of the business of the company, the commissioner may order the company to be liquidated. A copy
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Financial Code - FIN - FIN § 18425.1
Financial Code - FIN - FIN § 18425.1
The liquidator shall cause notice to be given by publication for four successive weeks in a newspaper of general circulation at or near the principal place of business in the state of the company, to all persons having claims against the company, other than investment certificate
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Financial Code - FIN - FIN § 18425.10
Financial Code - FIN - FIN § 18425.10
(a) Claims allowed in a proceeding under this article shall be given preference in the following order: (1) All costs and expenses of administration of conservatorship and liquidation. (2) Taxes due to the State of California. (3) Claims having preference by the laws of the Unite
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Financial Code - FIN - FIN § 18425.11
Financial Code - FIN - FIN § 18425.11
Whenever the commissioner determines to liquidate a company, the commissioner shall cause an inventory of all the assets of the company to be made in duplicate, file the original with the court, and file the duplicate in the commissioner’s office.
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Financial Code - FIN - FIN § 18425.12
Financial Code - FIN - FIN § 18425.12
If it appears improbable that anything can be realized from any property of the company and that the cost of maintaining, preserving, or protecting the property would probably be lost, the court may direct the liquidator to abandon the property.
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Financial Code - FIN - FIN § 18425.13
Financial Code - FIN - FIN § 18425.13
If a purchaser of any property or any bad or doubtful debt or claim of a company cannot be obtained and it appears improbable that recovery thereon can be had, and that the cost of action to enforce collection of the same would probably be lost, the superior court may direct that
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Financial Code - FIN - FIN § 18425.14
Financial Code - FIN - FIN § 18425.14
When the liquidator has fully liquidated all claims other than claims of stockholders, made due provision for any and all known but unclaimed liabilities, excepting claims of stockholders, and paid all expenses of liquidation, the liquidator may file an application for an order f
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Financial Code - FIN - FIN § 18425.15
Financial Code - FIN - FIN § 18425.15
Upon the payment of a final dividend in liquidation, the commissioner shall prepare and file with the court a full and final statement of the liquidation, including a summary of the receipts and disbursements, and a duplicate of the statement shall be filed in the office of the c
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Financial Code - FIN - FIN § 18425.16
Financial Code - FIN - FIN § 18425.16
In making its order approving the commissioner’s final statement of the liquidation of the company, the court shall determine the amounts of the liquidating dividends to which claimants are entitled but which then remain unpaid or unclaimed in the hands of the commissioner. The o