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HomeFinancial CodeDiv. 1Ch. 7Art. 1§ 608 Liquidation Expense Compensation Rules

§ 608 Liquidation Expense Compensation Rules

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 608 Liquidation Expense Compensation Rules

Key Takeaways

  • •The boss (commissioner) decides how much people helping with a company's money problems get paid.
  • •The money for their pay and other costs comes from the company's own money that the boss is holding.
  • •The boss has to tell the court how much money is being spent when asking to pay out money to people owed.

Example

A bank goes out of business and the government takes over to pay back customers.

The government boss decides how much to pay the workers helping to close the bank and give money back to customers. The workers' pay and other costs come from the bank's money. The boss must tell the court how much is being spent before paying customers their share.

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

Official Source
View on CA.gov

§ 608 Liquidation Expense Compensation Rules

The compensation of civil service employees, special deputies, counsel, and other employees and assistants appointed to assist in the conservation or liquidation of any licensee and the distribution of its assets and all expenses of supervision and liquidation shall be fixed by the commissioner and shall be paid out of the funds of the licensee in the hands of the commissioner. The expenses of liquidation shall be reported to the court upon each application for payment of a dividend. (Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

Last verified: January 23, 2026

Key Terms

licenseecommissioneremployeeportdividendliquidationcompensationconservation

Related Statutes

  • § 602 Attachment Prohibition Licensee Property
  • § 678 Claim List Filing Requirements
  • § 18477 Thrift Obligations Definition
  • § 2120 Money Transmission Examinations
  • § 2122 Licensee Financial Distress Reporting

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 608.
View Official Source