§ 17642 Liquidation Inventory Requirements

This law says that when the government decides to close down a business that has a special license, they must make a list of everything the business owns. They keep one copy of this list in court and another copy in their office.

Key Takeaways

•When a licensed business is being closed by the government, they must list all its assets.
•The list of assets is made in two copies.
•One copy goes to the court, and the other stays with the government.

Example

Imagine a bank is in big trouble and the government decides to shut it down.

The government will make a list of all the bank's stuff, like money, buildings, and computers. They will keep one list in court and another list in their office.

When the commissioner determines to liquidate a licensee, he shall cause an inventory of all the assets of the licensee to be made in duplicate, file the original with the court, and file the duplicate in his office. (Added by Stats. 1963, Ch. 2130.)

Key Takeaways

•When a licensed business is being closed by the government, they must list all its assets.
•The list of assets is made in two copies.
•One copy goes to the court, and the other stays with the government.

Example

Imagine a bank is in big trouble and the government decides to shut it down.

The government will make a list of all the bank's stuff, like money, buildings, and computers. They will keep one list in court and another list in their office.

Key Takeaways

Example

Key Terms

References

§ 17642 Liquidation Inventory Requirements

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References