CHAPTER 6. Liquidation and Conservatorship [17621. - 17654.]

Chapter 6 added by Stats. 1963, Ch. 2130.

§§ 17621–17654 · 33 sections

1. ARTICLE 1. Possession by Commissioner §§ 17621–17629 · 8 sections

   • § 17621 Whenever it appears to the commissioner that any escrow agent subject to this division: (a) Is in an insolvent condition; (b) Is conducting escrow business in…
   • § 17622 Whenever the commissioner has taken possession of any licensee, such licensee, within 10 days after such taking, if it deems it is aggrieved thereby, may apply…
   • § 17623 An appeal from a judgment enjoining the commissioner from further proceedings and directing the commissioner to surrender the business, property, and assets to…
   • § 17625 If the commissioner’s demand for the possession of the property, business and assets is not complied with within 24 hours after service of the demand, the…
   • § 17626 When the commissioner takes possession of the property, business and assets of any licensee, such licensee or the president and secretary of such licensee…
   • § 17627 The commissioner may issue subpoenas and require the attendance of parties for examination under this article as provided for in this chapter.
   • § 17628 When the commissioner takes possession of the business, property, and assets of a licensee, he may appoint a custodian. The commissioner may require a good and…
   • § 17629 When the commissioner takes possession of the property, business, and assets of a licensee, he may collect all money due to such licensee and give receipt…
2. ARTICLE 2. Conservatorship §§ 17630–17634 · 5 sections

   • § 17630 If any facts occur which would entitle the commissioner under Section 17621 to take possession of the property, business and assets of a licensee the…
   • § 17631 Subject to the other provisions of this article, a conservator, while in possession of the property, business and assets of a licensee, has the same powers and…
   • § 17632 Upon appointing a conservator the commissioner shall cause to be made and completed at the earliest possible date such an examination of the affairs of the…
   • § 17633 A conservator, while in possession of the property, business and assets of a licensee, may call, upon the notice required by the licensee’s bylaws, a meeting…
   • § 17634 If the commissioner becomes satisfied that it may be done safely and in the public interest, he may terminate the conservatorship and permit the licensee for…
3. ARTICLE 3. Liquidation by the Commissioner §§ 17635–17654 · 20 sections

   • § 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 futile to proceed as…
   • § 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 receiver…
   • § 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 such…
   • § 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…
   • § 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…
   • § 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 licensee, the…
   • § 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 landlord for…
   • § 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, file the…
   • § 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 some…
   • § 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 property…
   • § 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 claims…
   • § 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 whose claims have been…
   • § 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 the licensee is located may,…
   • § 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…
   • § 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 of the licensee…
   • § 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 the court for permission…
   • § 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…
   • § 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 liquidation,…
   • § 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…
   • § 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 the…