§ 17628 Custodian Appointment Authority

Financial Code·California

AI SummaryVerified

This law says that if the government takes over a company's stuff, they can pick someone to watch over it and make sure that person is trustworthy.

Key Takeaways

•The government can take over a company if it's in big trouble.
•They pick someone (a custodian) to manage the company's stuff.
•The custodian has to be trustworthy and might need to promise (with a bond) to do a good job.

Example

Imagine a bank is in big trouble and can't pay people their money back.

The government steps in, takes over the bank, and picks a responsible person to manage the bank's money and property until things are fixed.

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

Official Source

View on CA.gov

§ 17628 Custodian Appointment Authority

When the commissioner takes possession of the business, property, and assets of a licensee, he may appoint a custodian. The commissioner may require a good and sufficient bond from the custodian and place him in charge as his representative. (Added by Stats. 1963, Ch. 2130.)

Last verified: January 11, 2026

Key Terms

commissioner custodian licensee bond

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 17628.

Key Takeaways

Example

Key Terms

Related Statutes

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Key Takeaways

Example

Key Terms

Related Statutes

References