§ 1007 Bank Liability Preservation

This law says that even if the rules are changed or cancelled, any lawsuits or responsibilities that already exist against a bank, trust company, or their owners and leaders still stay in force.

Key Takeaways

•New or cancelled laws do not wipe out existing lawsuits or duties.
•The rule covers banks, trust companies, and their shareholders, directors, and officers.
•Any liability that was already there before a change stays valid.

Example

A customer sued a bank in 2010 for charging hidden fees. The law was changed in 2012, but the customer can still keep the lawsuit going.

Because the law says new changes don’t erase old claims, the bank can’t use the new rule to get rid of the case that started before the change.

Neither the enactment of this code nor the amendment or repeal thereof, nor the repeal of any statute affected thereby, shall take away or impair any liability or cause of action existing or incurred against any bank or trust company, or the shareholders, directors, or officers thereof. (Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

This law says that even if the rules are changed or cancelled, any lawsuits or responsibilities that already exist against a bank, trust company, or their owners and leaders still stay in force.

Key Takeaways

•New or cancelled laws do not wipe out existing lawsuits or duties.
•The rule covers banks, trust companies, and their shareholders, directors, and officers.
•Any liability that was already there before a change stays valid.

Example

A customer sued a bank in 2010 for charging hidden fees. The law was changed in 2012, but the customer can still keep the lawsuit going.

Because the law says new changes don’t erase old claims, the bank can’t use the new rule to get rid of the case that started before the change.

Key Takeaways

Example

Key Terms

References

§ 1007 Bank Liability Preservation

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References