2020 California Code
Financial Code - FIN
DIVISION 1 - FINANCIAL INSTITUTIONS
CHAPTER 7 - Liquidation and Conservation
ARTICLE 4 - Liquidation of an Uninsured Licensee
Section 682.
(a) Expenses and claims of unsecured creditors have priority in the following order:
(1) Expenses of liquidation and approved claims for fees and assessments due the department.
(2) Approved claims given priority under other provisions of state or federal law, including, but not limited to, Sections 676 and 710.
(3) Approved claims for “deposits,” as that term is defined in 12 U.S.C. Section 1813(l), but including obligations of the type described in 12 U.S.C. Section 1813(l)(5)(A) and (B).
(4) Approved claims for other general liabilities.
(5) Approved claims for obligations subordinated to deposits and other general liabilities.
(b) Interest shall be given the same priority as the claim on which it is based, but no interest shall be paid on any claim until the principal of all claims within the same class has been paid or adequately provided for in full.
(c) Any funds remaining shall be paid to the members or shareholders, as appropriate.
(Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)
