California Penal Code 506 – Every trustee, banker, merchant, broker, attorney, agent, assignee in …
Every trustee, banker, merchant, broker, attorney, agent, assignee in trust, executor, administrator, or collector, or person otherwise intrusted with or having in his control property for the use of any other person, who fraudulently appropriates it to any use or purpose not in the due and lawful execution of his trust, or secretes it with a fraudulent intent to appropriate it to such use or purpose, and any contractor who appropriates money paid to him for any use or purpose, other than for that which he received it, is guilty of embezzlement, and the payment of laborers and materialmen for work performed or material furnished in the performance of any contract is hereby declared to be the use and purpose to which the contract price of such contract, or any part thereof, received by the contractor shall be applied.
(Amended by Stats. 1919, Ch. 518.)
Terms Used In California Penal Code 506
- Contract: A legal written agreement that becomes binding when signed.
- Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
- Executor: A male person named in a will to carry out the decedent
- person: includes a corporation as well as a natural person. See California Penal Code 7
- property: includes both real and personal property. See California Penal Code 7
- Trustee: A person or institution holding and administering property in trust.