California § 987.775. 987.775. (Amended by Stats. 2003, Ch. 441, Sec. 3.)

California Statutes

§ 987.775. — 987.775. (Amended by Stats. 2003, Ch. 441, Sec. 3.)

California § 987.775.

JurisdictionCalifornia

Code MVCMilitary and Veterans Code - MVC

Div. 4.DIVISION 4. VETERANS' AID AND WELFARE

Ch. 6.CHAPTER 6. State Benefits for Veterans

Art. 3.1.ARTICLE 3.1. Veterans’ Farm and Home Purchase Act of 1974

This text of California § 987.775. (987.775. (Amended by Stats. 2003, Ch. 441, Sec. 3.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Military and Veterans Code - MVC Code § 987.775. (2026).

Text

Whenever the department proceeds under Section 987.77 to declare a forfeiture and to retain all payments made under the forfeited contract as rental paid for occupancy, the department may, in lieu of paying any net gain to the purchaser in accordance with Section 987.79, deposit that net gain into a segregated account in the Veterans’ Farm and Home Building Fund of 1943 created to receive funds pursuant to this section. The funds in the account shall be accumulated until June 30 of each year, and any losses on the sales of forfeited properties during the fiscal
				  year shall be deducted from the total of the net gains deposited in the account during the fiscal year. The department may expend the funds remaining in the account on June 30 each year, after deduction for losses on sales of 

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Whenever the department proceeds under Section 987.77 to declare a forfeiture and to retain all payments made under the forfeited contract as rental paid for occupancy, the department may, in lieu of paying any net gain to the purchaser in accordance with Section 987.79, deposit that net gain into a segregated account in the Veterans’ Farm and Home Building Fund of 1943 created to receive funds pursuant to this section. The funds in the account shall be accumulated until June 30 of each year, and any losses on the sales of forfeited properties during the fiscal
year shall be deducted from the total of the net gains deposited in the account during the fiscal year. The department may expend the funds remaining in the account on June 30 each year, after deduction for losses on sales of forfeited properties, for purposes of assistance to lower income purchasers pursuant to subdivision (c), (e), or (h) of Section 987.71.