§ 17636 Receiver Appointment Liquidation

Financial Code·California

AI SummaryVerified

This law lets a government official take over a business owner's property and company and ask a court to appoint someone to sell everything and pay off debts.

Key Takeaways

•The state can take possession of a business when its owner can't run it properly.
•A court can appoint a receiver to liquidate the business assets.
•The receiver sells the assets and uses the money to pay creditors or taxes.

Example

A restaurant owner who owes back taxes gets shut down, the state takes his kitchen equipment and asks a court to name a receiver to sell the equipment and pay the taxes.

The state can step in, take the business, and have a receiver sell the assets to settle what the owner owes.

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

Official Source

View on CA.gov

§ 17636 Receiver Appointment Liquidation

Whenever the commissioner has taken possession of the property and business of a licensee he may petition the superior court for the appointment of a receiver to liquidate the affairs of the licensee. (Added by Stats. 1963, Ch. 2130.)

Last verified: January 11, 2026

Key Terms

commissioner licensee receiver liquidate

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 17636.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References