Financial Code § 18415.21

ARTICLE 4. Possession, Conservatorship, and Liquidation by the Commissioner

Current as of September 28, 2026Fin. Code, § 18415.21Official source ↗Ask about this

Added by Stats. 1985, Ch. 140, Sec. 1. Effective July 1, 1985.

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, stockholder, employee or any relative thereof, to obtain a preference over any other creditor of the company.