To actions brought to recover money or other property deposited with any bank, banker, trust company, building and loan association, or savings and loan society or evidenced by a certificate issued by an industrial loan company or credit union there is no limitation.

This section shall not apply to banks, bankers, trust companies, building and loan associations, industrial loan companies, credit unions, and savings and loan societies which have become insolvent and are in process of liquidation and in such cases the statute of limitations shall be deemed to have commenced to run from the beginning of the process of liquidation; provided, however, nothing herein contained shall be construed so as to relieve any stockholder of any banking corporation or trust company from stockholders’ liability as shall at any time, be provided by law.

Terms Used In California Code of Civil Procedure 348

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Process: signifies a writ or summons issued in the course of a judicial proceeding. See California Code of Civil Procedure 17
  • Property: includes both personal and real property. See California Code of Civil Procedure 17
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.

(Amended by Stats. 1955, Ch. 208.)

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