California Financial Code 8250 – (a) If the commissioner finds that any association (1) is in an …
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(a) If the commissioner finds that any association (1) is in an impaired condition, (2) is engaging in practices that threaten to result in an impaired condition, or (3) is in violation of an order or injunction issued pursuant to this division, the commissioner may appoint a receiver for the association.
(b) The receiver may be the commissioner, deputy commissioner or any other person.
Terms Used In California Financial Code 8250
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Person: includes any person, firm, partnership, association, corporation, company, limited liability company, syndicate, estate, trust, business trust, or organization of any kind. See California Financial Code 18
(c) The receiver shall, upon appointment, immediately take possession of the books, records, and assets of every description of the association.
(Amended by Stats. 1988, Ch. 718, Sec. 22.)