2011 California Code
Insurance Code
DIVISION 2. CLASSES OF INSURANCE [1880 - 12865]
ARTICLE 7. Amendment, Cancellation and Exchange of Mortgage Participation Certificates and Securities
Section 12540
Any mortgage insurer which has heretofore issued mortgage participation certificates in accordance with the provisions of the law of this State in force at the time of such issuance may, with the consent of the commissioner:
(a) Amend such certificates and any mortgage policy issued in connection therewith.
(b) Cancel and retire all or any part of such certificates presently outstanding and issue in exchange therefor other new certificates representing a similar proportionate interest in the group of assets held in trust for the benefit of the holders of such presently outstanding mortgage participation certificates.
(Enacted by Stats. 1935, Ch. 145.)
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