§ 995.760. — 995.760. (Amended by Stats. 2014, Ch. 305, Sec. 4.)

California § 995.760.

• Jurisdiction: California
• Code CCP: Code of Civil Procedure - CCP
• Title: 14.
• Part 2.: TITLE 14. OF MISCELLANEOUS PROVISIONS
• Ch. 2.: CHAPTER 2. Bonds and Undertakings
• Art. 7.: ARTICLE 7. Deposit in Lieu of Bond

Text

(a)
If the principal does not pay the amount of the liability on the deposit within the time prescribed in Section 995.750, the deposit shall be collected, sold, or otherwise applied to the liability upon order of the court that entered the judgment of liability, made upon five days’ notice to the parties.
(b)
Bonds or notes, including
bearer bonds and bearer notes, without a prevailing market price shall be sold at public auction. Notice of sale shall be served on the principal. Bonds or notes having a prevailing market price may be sold at private sale at a price not lower than the prevailing market price.
(c)
The deposit shall be distributed in the following order:
(1)
First, to pay the cost of collection, sale, or other application of the deposit.
(2)
Second, to pay the judgment of liability of the principal on the deposit.
(3)
Third, the remainder, if any, shall be returned to the principal.

Legislative History

Amended by Stats. 2014, Ch. 305, Sec. 4. (AB 1856) Effective January 1, 2015.