California Harbors and Navigation Code 710 – The definitions of “broker” and “salesperson,” as set forth in …
The definitions of “broker” and “salesperson,” as set forth in Section 701, do not include the following:
(a) A person who directly performs any act subject to this article with reference to a yacht owned by that person or, in the case of a corporation which, through its regular officers receiving no special compensation therefor, performs any act subject to this article with reference to the corporation’s yacht.
Terms Used In California Harbors and Navigation Code 710
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the Department of Boating and Waterways. See California Harbors and Navigation Code 651
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Person: means an individual, partnership, firm, corporation, limited liability company, association, or other entity, but does not include the United States, the state, or a municipality or subdivision thereof. See California Harbors and Navigation Code 651
- Trustee: A person or institution holding and administering property in trust.
(b) Services rendered by an attorney at law in performing duties as an attorney at law.
(c) Any receiver, trustee in bankruptcy, or other person acting under the order of any court.
(d) Any transaction involving the sale of property subject to foreclosure of a security interest in a yacht which is conducted only by the holder of the security interest or by a person licensed pursuant to Chapter 11 (commencing with Section 7500) of Division 3 of the Business and Professions Code when liquidating repossessed collateral pursuant to the written request of the holder of the security interest.
(e) Any transaction involving the sale, lease, or rental of a yacht in excess of 300 gross tons or tenders thereof sold at the same time.
(f) Any transaction involving the sale, lease, or rental of a new yacht or ship.
(g) Any transaction in the regular course of business by a wholesale motor vehicle auction subject to regulation by the Department of Motor Vehicles.
(Amended by Stats. 1995, Ch. 526, Sec. 2. Effective January 1, 1996.)