§ 15254 Credit Union Asset Liquidation

Financial Code·California

AI SummaryVerified

This law lets the people running a credit union that is being closed sell or get rid of its property, either by public auction or private sale, and they can also sue for the credit union.

Key Takeaways

•The liquidating agent can sue on behalf of the credit union.
•They may sell or dispose of the credit union's assets in whole or in part.
•Sales can be done publicly or privately.

Example

A credit union is being shut down and needs to sell its office equipment to pay off its debts.

The liquidating agent can go to court and sell the equipment at a public auction or directly to a buyer, and the money from the sale will be used to settle the credit union's obligations.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 15254 Credit Union Asset Liquidation

The committee or the liquidating agent in charge of liquidation may sue in the name and on behalf of the credit union, and may sell or otherwise dispose of the assets of the credit union, in whole or in part, at public or private sale. (Added by Stats. 1979, Ch. 112.)

Last verified: January 11, 2026

Key Terms

committee liquidating agent liquidation credit union assets public or private sale

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 15254.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References