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2020 California Code
Financial Code - FIN
DIVISION 7 - INDUSTRIAL LOAN COMPANIES
CHAPTER 5 - Administration and Powers of the Commissioner
ARTICLE 4 - Possession, Conservatorship, and Liquidation by the Commissioner
Section 18420.1.
Universal Citation: CA Fin Code § 18420.1 (2020)
18420.1.
No transaction involving real or personal property, investment or reinvestment of funds or assets, or settlement or compromise of pending lawsuits shall be made without first obtaining permission of the court, and then only in accordance with such terms as the court may prescribe, when either of the following exist:
(a) The principal sum of any obligation due the company or settlement or compromise of a pending lawsuit exceeds the sum of fifteen thousand dollars ($15,000).
(b) The market value of any real or personal property, except obligations due the company, exceeds the sum of ten thousand dollars ($10,000).
(Added by Stats. 1985, Ch. 140, Sec. 1. Effective July 1, 1985.)
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