Article 1. Definitions of California Financial Code >> Division 6. >> Chapter 2.5. >> Article 1.
"Fidelity Corporation" means the Escrow Agents' Fidelity
"Member" means any person licensed under this division who
is required by Section 17312 to be a member of Fidelity Corporation.
"Trust obligation" means:
(a) All money and property deposited with a member within the
State of California in an escrow or joint control transaction.
(b) All money and property deposited with a member to be held in
trust within the State of California pursuant to a federal or state
statute or requirements of a governmental agency.
"Commissioner" means the Commissioner of Corporations.
"Loss," within the meaning of this chapter, means the loss
of trust obligations held by a member within the State of California
as a result of the fraudulent or dishonest abstraction,
misappropriation, or embezzlement of trust obligations by an officer,
director, trustee, stockholder, manager, or employee of a member.
"Monthly average escrow liability," as used in this chapter,
means the average escrow liability for the 12-month period as
reported in the most recent report made by the member to the
commissioner pursuant to Section 17348.