The Secretary of State shall not make any award to a claimant from the fund if the claimant has received payment from any other restitution funds or for the portions of the judgment that the claimant has collected from the corporation or its agent or any other defendant in the underlying judgment.

(Amended by Stats. 2016, Ch. 390, Sec. 9. (AB 2759) Effective January 1, 2017.)

Terms Used In California Corporations Code 2294

  • Agent: means a person who was an officer or director of a corporation, as defined in subdivision (e), at the time the fraudulent acts occurred, was named in a final criminal restitution order in connection with the fraudulent acts, and was acting in the person's capacity as the corporation's officer or director when committing the fraudulent acts. See California Corporations Code 2281
  • Claimant: means an aggrieved person who resides in the state at the time of the fraud and who submits an application pursuant to this chapter. See California Corporations Code 2281
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Fund: means the Victims of Corporate Fraud Compensation Fund created by Section 2280. See California Corporations Code 2281
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • State: means the State of California, unless applied to the different parts of the United States. See California Education Code 77
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