California Vehicle Code 11722 – Claims, against the surety upon a dealer’s bond, of a financing …
Claims, against the surety upon a dealer‘s bond, of a financing agency that has loaned money to a licensee or assignee thereof shall be allowed only to the extent that the claims of any other person or entity with respect to the bond under Section 11711 shall be satisfied first and entitled to preference over the claims of the financing agency with respect to the bond ; provided, however, that as to any conditional sales contract as defined in § 2981 of the Civil Code, acquired by way of purchase or pledge, a financing agency shall be entitled to protection under the bond with the same preference set forth under Section 11711 if the financing agency is defrauded by a licensee.
(Amended by Stats. 2002, Ch. 303, Sec. 2. Effective January 1, 2003.)
Terms Used In California Vehicle Code 11722
- Contract: A legal written agreement that becomes binding when signed.
- Dealer: is a person not otherwise expressly excluded by Section 286 who:
California Vehicle Code 285
- Person: includes a natural person, firm, copartnership, association, limited liability company, or corporation. See California Vehicle Code 470