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HomeFinancial CodeDiv. 6Ch. 6Art. 3§ 17643 Liquidation Claim Procedures

§ 17643 Liquidation Claim Procedures

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

§ 17643 Liquidation Claim Procedures

This law says that when a business is being shut down, the government must tell everyone who might be owed money by that business. They have to do this by putting a notice in the newspaper for four weeks and also sending letters to people the business owes money to.

Key Takeaways

  • •If a business is closing, the government will tell people who are owed money.
  • •They do this by putting a notice in the newspaper for four weeks.
  • •They also send letters to people the business owes money to.

Example

Imagine a local bank is closing down.

The government will put a notice in the newspaper for four weeks telling people who have money in the bank to come forward and claim their money. They will also send letters to people who have loans or other deals with the bank.

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

Official Source
View on CA.gov

§ 17643 Liquidation Claim Procedures

When the commissioner determines to liquidate a licensee he shall cause notice to be given by publication once a week for four successive weeks in some newspaper of general circulation published at or near the principal place of business in this State of such licensee, to all persons having claims against the licensee as creditors, investors, or otherwise, requiring them to present and file their claims and make legal proof thereof at a place and within a time designated in such publication. The time shall be not less than six months after the first publication. Within 10 days after the first publication the commissioner shall cause a copy of such notice to be mailed to all persons whose names appear of record upon the licensee’s books as creditors, or as parties to an uncompleted escrow transaction. (Added by Stats. 1963, Ch. 2130.)

Last verified: January 11, 2026

Key Terms

commissionerliquidatelicenseenoticecreditorsinvestorsescrow transaction

Related Statutes

  • § 17644 Credit Claim Presentation
  • § 17635 Conservator To Liquidator Conversion
  • § 17636 Receiver Appointment Liquidation
  • § 17642 Liquidation Inventory Requirements
  • § 17638 Commissioner Liquidation Powers

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 17643.
View Official Source