(a) Each foreign (other nation) bank which is licensed to transact business in this state shall keep the assets of such business separate and apart from the assets of its business outside this state.

(b) The creditors of the business in this state of a foreign (other nation) bank which is licensed to transact business in this state shall be entitled to priority over other creditors with respect to the assets of such bank’s business in this state.

Terms Used In California Financial Code 1810

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Business in this state: when used with respect to a foreign (other nation) bank which is licensed to maintain one or more agencies or branch offices, includes (without limitation) the aggregate business of all the offices. See California Financial Code 1750
  • licensed: means to be issued or to hold a license. See California Financial Code 1750
  • licensed to transact business in this state: when used with respect to a foreign (other nation) bank, means that the bank is licensed to maintain an agency or branch office. See California Financial Code 1750

(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

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