§ 4875. — 4875. (Amended by Stats. 1995, Ch. 480, Sec. 153.)

California § 4875.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 1.6.: DIVISION 1.6. DEPOSITORY CORPORATIONS—SALE, MERGER, AND CONVERSION
• Ch. 3.: CHAPTER 3. Sale
• Art. 3.: ARTICLE 3. Sale of Whole Business Unit to Federal Depository Corporation, California Federally Licensed Foreign (Other Nation) Bank, or Insured Foreign (Other State) State Depository Corporation

Text

(a)
After a sale becomes effective, the seller or purchaser may issue an officer’s certificate stating that the seller sold its whole business unit to the purchaser and specifying the time at which the sale became effective.
(b)
Any certificate issued pursuant to subdivision (a) shall be prima facie evidence of the fact of the sale and of the regularity of the proceedings taken for the sale and shall be conclusive evidence of the matters in favor of any innocent purchaser or
encumbrancer for value.

Legislative History

Amended by Stats. 1995, Ch. 480, Sec. 153. Effective October 2, 1995.