No action on account of any debt or liability assumed by a purchaser in a sale may be commenced against the seller more than one year after the time when the sale becomes effective.

(Added by Stats. 1982, Ch. 1411, Sec. 3.)

Terms Used In California Financial Code 4860

  • Purchaser: means a depository corporation that purchases a business unit from another depository corporation pursuant to the provisions of this chapter. See California Financial Code 4840
  • sale: means any of the sales described in Section 4846. See California Financial Code 4845
  • Seller: means a depository corporation that sells a business unit to another depository corporation pursuant to the provisions of this chapter. See California Financial Code 4840
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