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HomeFinancial CodeDiv. 1Ch. 7Art. 4§ 678 Claim List Filing Requirements

§ 678 Claim List Filing Requirements

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

§ 678 Claim List Filing Requirements

Key Takeaways

  • •After the deadline to submit claims, the commissioner makes a list of all claims, including rejected ones and claims from customers that haven't been submitted yet.
  • •The commissioner files one copy of this list in their office and another with the county clerk where the company's main office is located.
  • •Before asking the court to pay out money (declare a dividend), the commissioner must file an updated list of any new claims, including any that were rejected.
  • •Anyone can look at these lists during normal business hours.

Example

Imagine a bank closes down, and people have to submit claims to get their money back.

The commissioner makes a list of all the claims, including those from people who haven't submitted their claims yet. This list is filed in two places and can be viewed by anyone.

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

Official Source
View on CA.gov

§ 678 Claim List Filing Requirements

When the time fixed for the presentation of claims has expired, the commissioner shall make in duplicate a full and complete list of all claims presented, including and specifying claims that have been rejected by the commissioner, and a list of all claims of customers as shown by the books or records of the licensee for which claims have not yet been presented, and shall file one copy of the list in the commissioner’s office and one with the clerk of the county in which the head office of the licensee is located to be filed with the papers in the liquidation proceedings. Before each application to the court for leave to declare a dividend, the commissioner shall file a supplemental list of claims presented since the last preceding list was filed, including and specifying any claims that have been rejected by him or her. The list of claims and of claims of customers as shown by the books or records of the licensee shall be open for inspection at all reasonable times. (Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

Last verified: January 23, 2026

Key Terms

dividendcommissionerclaimlicensepresentationliquidationapplicationinspection

Related Statutes

  • § 679 Licensee Claims Notice Requirement
  • § 681 Customer Claim Dividend Payments
  • § 680 Creditor Claims Deadline
  • § 683 Claim Objection Process
  • § 608 Liquidation Expense Compensation Rules

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 678.
View Official Source