California Financial Code ARTICLE 4 - Liquidation of an Uninsured Licensee

• Section 670.
  Upon taking possession of the property and business of a licensee that does not have federal deposit or share insurance, the commissioner may sell, compromise,...
• Section 671.
  The commissioner may sell any real or personal property of the licensee for cash or on credit and on any other terms and conditions as...
• Section 672.
  (a) The commissioner may, with the approval of the court, sell any part or the whole of the business of a licensee to any other licensee....
• Section 673.
  Within six months after taking possession of the property and business of any licensee that does not have federal deposit or share insurance, the commissioner...
• Section 674.
  The commissioner, in his or her own name or in the name of the licensee, may execute, acknowledge, and deliver any and all conveyances and...
• Section 675.
  The commissioner, in the name of the delinquent licensee or in his or her own name, may prosecute and defend any and all actions and...
• Section 676.
  The commissioner from time to time shall deposit all moneys coming into his or her hands in the course of the liquidation of the licensee...
• Section 677.
  The commissioner shall make an inventory of the assets of the licensee in duplicate and file one in the office of the commissioner and one...
• Section 678.
  When the time fixed for the presentation of claims has expired, the commissioner shall make in duplicate a full and complete list of all claims...
• Section 679.
  The commissioner shall cause notice to be given by advertisement in any newspapers of general circulation as he or she may select weekly for three...
• Section 680.
  All claims of every kind against the licensee or against any property owned or held by the licensee shall be presented to the commissioner in...
• Section 681.
  At any time and from time to time after the expiration of the time fixed for the presentation of claims, the commissioner, after obtaining approval...
• Section 682.
  (a) Expenses and claims of unsecured creditors have priority in the following order:(1) Expenses of liquidation and approved claims for fees and assessments due the department.(2) Approved claims...
• Section 683.
  Objections to any claim not rejected by the commissioner may be made by any person interested by filing a copy of the objection with the...
• Section 684.
  Dividends remaining unpaid and any sums available for payment of shares or deposits for which no claim was filed, which remain in the hands of...
• Section 685.
  Whenever, under the provisions of this article, the commissioner is required to transmit unclaimed money or other unclaimed property to any state officer for deposit...
• Section 686.
  All approved claims of customers and other creditors shall bear interest at the rate provided by law on judgments from the date that the commissioner...
• Section 687.
  If the licensee has in its possession for safekeeping or storage any jewelry, plate, money, specie, bullion, stocks, bonds, securities, valuable papers, or other valuable...
• Section 688.
  On the last day fixed in the notice for the removal of the property or on the date when the property is removed or the...
• Section 689.
  If any property is not removed within the time fixed by the notice mailed by the commissioner, the commissioner may dispose of the property as...
• Section 690.
  (a) When the commissioner has completed the liquidation of the licensee, he or she shall petition the court for an order declaring the licensee duly wound...
• Section 691.
  Whenever this article requires court approval of any step in the liquidation proceedings, approval shall be given after a hearing upon notice as the court...
• Section 692.
  Whenever, in the opinion of the commissioner, the liquidation or reorganization of any licensee taken in charge by him or her would be facilitated, or...

Last modified: October 22, 2018