California Code
DIVISION 1 - FINANCIAL INSTITUTIONS
CHAPTER 7 - Liquidation and Conservation

ARTICLE 1 - General Provisions

Section 600. - 600. In this chapter, “Federal Insurance Agency” means the Federal...

Section 601. - 601. Upon taking possession of the property and business of...

Section 602. - 602. No attachment shall be issued against the property of...

Section 603. - 603. Upon taking possession of the property and business of...

Section 604. - 604. Upon taking possession of the property and business of...

Section 605. - 605. The commissioner shall supervise the acts of the conservator,...

Section 606. - 606. If required by the commissioner, the conservator, liquidator, receiver,...

Section 607. - 607. (a) If the commissioner retains possession of the assets...

Section 608. - 608. The compensation of civil service employees, special deputies, counsel,...

Section 609. - 609. If a licensee is not insured by a Federal...

ARTICLE 2 - Conservation or Liquidation of an Insured Licensee

Section 620. - 620. If the licensee whose property and business has been...

Section 621. - 621. The Federal Insurance Agency may be, and act as,...

Section 622. - 622. If the Federal Insurance Agency accepts the appointment in...

Section 623. - 623. The Federal Insurance Agency conservator, liquidator, or receiver shall...

Section 624. - 624. (a) The commissioner may sell to any other licensee...

ARTICLE 3 - Conservatorship of an Uninsured Licensee

Section 640. - 640. Whenever the commissioner deems it necessary in order to...

Section 641. - 641. A conservator appointed in accordance with Section 640 has...

Section 642. - 642. The commissioner may order an examination at the earliest...

Section 643. - 643. While any licensee is in the hands of a...

Section 644. - 644. The commissioner, in his or her discretion, may permit...

Section 645. - 645. If the commissioner is satisfied that it may be...

Section 646. - 646. The conservator of a licensee that has been permitted...

Section 647. - 647. The commissioner may assess and collect from all licensees...

Section 648. - 648. Any licensee that the commissioner has taken possession of...

Section 649. - 649. All customers, creditors, stockholders, if applicable, and other interested...

Section 650. - 650. No plan of reorganization shall become effective until the...

Section 651. - 651. No creditor having security for the payment of his,...

Section 652. - 652. When any plan of reorganization becomes effective, all books,...

ARTICLE 4 - Liquidation of an Uninsured Licensee

Section 670. - 670. Upon taking possession of the property and business of...

Section 671. - 671. The commissioner may sell any real or personal property...

Section 672. - 672. (a) The commissioner may, with the approval of the...

Section 673. - 673. Within six months after taking possession of the property...

Section 674. - 674. The commissioner, in his or her own name or...

Section 675. - 675. The commissioner, in the name of the delinquent licensee...

Section 676. - 676. The commissioner from time to time shall deposit all...

Section 677. - 677. The commissioner shall make an inventory of the assets...

Section 678. - 678. When the time fixed for the presentation of claims...

Section 679. - 679. The commissioner shall cause notice to be given by...

Section 680. - 680. All claims of every kind against the licensee or...

Section 681. - 681. At any time and from time to time after...

Section 682. - 682. (a) Expenses and claims of unsecured creditors have priority...

Section 683. - 683. Objections to any claim not rejected by the commissioner...

Section 684. - 684. Dividends remaining unpaid and any sums available for payment...

Section 685. - 685. Whenever, under the provisions of this article, the commissioner...

Section 686. - 686. All approved claims of customers and other creditors shall...

Section 687. - 687. If the licensee has in its possession for safekeeping...

Section 688. - 688. On the last day fixed in the notice for...

Section 689. - 689. If any property is not removed within the time...

Section 690. - 690. (a) When the commissioner has completed the liquidation of...

Section 691. - 691. Whenever this article requires court approval of any step...

Section 692. - 692. Whenever, in the opinion of the commissioner, the liquidation...

ARTICLE 5 - Disposal of Unclaimed Trust Property

Section 700. - 700. Whenever any licensee is being liquidated or whenever the...

Section 701. - 701. Upon the delivery of any money to the Treasurer...

Section 702. - 702. All money or other property delivered to the Treasurer...

ARTICLE 6 - Priorities

Section 710. - 710. The holder or transferor of a negotiable instrument transferred...