§ 18477 Thrift Obligations Definition

Financial Code·California

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Key Takeaways

•Thrift obligations include the money you put into investment or thrift certificates.
•It also includes any unpaid interest on those investments up to a certain date.
•The certain date is either when the commissioner takes over the business or when the business files for bankruptcy, whichever happens first.

Example

You invest $100 in a thrift certificate and earn $5 in interest. The company goes bankrupt before paying you the interest.

The law says your 'thrift obligation' is the $100 you invested plus the $5 in interest you earned but didn't get paid yet.

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

Official Source

View on CA.gov

§ 18477 Thrift Obligations Definition

“Thrift obligations” as used in this chapter include principal invested in investment or thrift certificates however evidenced, and unpaid interest thereon accrued as of the last interest accrual date prior to the date the commissioner takes possession of the property and business of a member or the date such member is the subject of an order for relief in bankruptcy, whichever occurs sooner. (Amended by Stats. 2009, Ch. 500, Sec. 41. (AB 1059) Effective January 1, 2010.)

Last verified: January 23, 2026

Key Terms

thrift obligations principal invested investment or thrift certificates unpaid interest commissioner order for relief in bankruptcy

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 18477.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References