§ 18425.5. — 18425.5. (Added by Stats. 1985, Ch. 140, Sec. 1.)

California § 18425.5.

• 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

When an investment certificate holder is also a debtor, the liquidator may offset any balance due the investment certificate holder against the debt and the interest due on that debt up to the date of offset, in an amount not to exceed the amount of the debt or the amount of the thrift obligation guaranteed by the Thrift Guaranty Corporation of California, whichever is less.

Legislative History

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