California Financial Code ARTICLE 3 - Liquidation by the Commissioner

• Section 17635.
  If at any time after taking possession of the property and business of a licensee it shall appear to the commissioner that it would be...
• Section 17636.
  Whenever the commissioner has taken possession of the property and business of a licensee he may petition the superior court for the appointment of a...
• Section 17637.
  The commissioner may appoint one or more special deputies to assist in the duties of liquidation and distribution under his direction and may also employ...
• Section 17638.
  In liquidating the affairs of a licensee the commissioner may:(a) Collect all money due to, and claims of, the licensee and give receipt therefor.(b) Approve and pay...
• Section 17639.
  After the issuance of an order of liquidation under Section 17635, any of the following transactions occurring within four months prior to the application for...
• Section 17640.
  If the commissioner is in possession of the business, property, and assets of a licensee, whether or not he is liquidating the affairs of such...
• Section 17641.
  Claims for damages resulting from the disaffirmance of an executory contract or lease by the commissioner may be filed and allowed. No claim of a...
• Section 17642.
  When the commissioner determines to liquidate a licensee, he shall cause an inventory of all the assets of the licensee to be made in duplicate,...
• Section 17643.
  When the commissioner determines to liquidate a licensee he shall cause notice to be given by publication once a week for four successive weeks in...
• Section 17644.
  All claims, demands, or causes of action of creditors, and persons other than the parties to an escrow transaction against the licensee or against any...
• Section 17645.
  Upon the expiration of the time fixed for the presentation of claims, the commissioner shall prepare in duplicate a full and complete schedule of all...
• Section 17646.
  Not later than five days after the time of filing the schedule of claims with the court, written notice shall be mailed to all claimants...
• Section 17647.
  Regardless of any law of this state, the judges of the superior court of the county in this state in which the principal office of...
• Section 17648.
  If it appears improbable that anything can be realized from any property of the licensee and that the cost of maintaining, preserving, or protecting the...
• Section 17649.
  For the purpose of executing and performing any of the powers and duties conferred upon him by this article, the commissioner may in the name...
• Section 17650.
  If any real property of the licensee sold by the commissioner is located in a county other than the county in which the application to...
• Section 17651.
  When the commissioner has (a) fully liquidated all claims other than claims of stockholders, and (b) made due provision for any and all known but unclaimed liabilities,...
• Section 17652.
  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...
• Section 17653.
  In making its order approving the commissioner’s final statement of the liquidation of a licensee, the court shall determine the amounts of the liquidating dividends...
• Section 17654.
  The order of the court approving the final statement on liquidation shall provide for the destruction or other disposition of the books and records of...

Last modified: October 22, 2018