(a) A foreign (other nation) credit union which is licensed to establish and maintain an office or offices shall keep the assets of the offices separate and apart from the assets of its business outside this state.

(b) Persons who are creditors of a foreign (other nation) credit union as a result of the business of an office of the foreign (other nation) credit union in this state shall be entitled to priority over other creditors with respect to the assets of the business in this state of the foreign (other nation) credit union.

Terms Used In California Financial Code 16604

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.

(Added by Stats. 2000, Ch. 612, Sec. 4. Effective January 1, 2001.)

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