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HomeGovernment CodeDiv. 4Pt. 2Ch. 4.5Art. 2§ 16621 Deposit Security Recovery

§ 16621 Deposit Security Recovery

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

§ 16621 Deposit Security Recovery

Key Takeaways

  • •If a bank or credit union doesn't give back your money when you ask for it, the Treasurer can take action.
  • •The Treasurer can sell the bank's security (like property or investments) to get your money back.
  • •The money from selling the security will be given out according to the law.

Example

You have money in a credit union and want to withdraw it, but they say they can't give it to you.

The Treasurer can then sell the credit union's investments to get your money back and give it to you.

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

Official Source
View on CA.gov

§ 16621 Deposit Security Recovery

If any savings and loan association or credit union fails to pay all or any part of deposits on demand of the Treasurer, pursuant to the terms and conditions of the contract relating to the deposit that is to be withdrawn in whole or in part, the Treasurer shall forthwith recover upon or convert the security therefor into money and disburse it according to law. (Amended by Stats. 1987, Ch. 1035, Sec. 13.)

Last verified: January 22, 2026

Key Terms

savings and loan associationcredit unionTreasurerdepositssecurity

Related Statutes

  • § 16611 Deposit Security Requirements
  • § 16613 Treasurer'S Indemnity Bond Requirement
  • § 16607 Treasurer'S Deposit Liability Limit
  • § 16614 Bonds For Deposit Security
  • § 16622 Treasurer Security Requirements

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Government Code. Section 16621.
View Official Source