§ 18420.1. — 18420.1. (Added by Stats. 1985, Ch. 140, Sec. 1.)

California § 18420.1.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 7.: DIVISION 7. INDUSTRIAL LOAN COMPANIES
• Ch. 5.: CHAPTER 5. Administration and Powers of the Commissioner
• Art. 4.: ARTICLE 4. Possession, Conservatorship, and Liquidation by the Commissioner

Text

No transaction involving real or personal property, investment or reinvestment of funds or assets, or settlement or compromise of pending lawsuits shall be made without first obtaining permission of the court, and then only in accordance with such terms as the court may prescribe, when either of the following exist:
(a)
The principal sum of any obligation due the company or settlement or compromise of a pending lawsuit exceeds the sum of fifteen thousand dollars ($15,000).
(b)
The market value of
any real or personal property, except obligations due the company, exceeds the sum of ten thousand dollars ($10,000).

Legislative History

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