Article 1. Definitions of California Financial Code >> Division 6. >> Chapter 2.5. >> Article 1.

"Fidelity Corporation" means the Escrow Agents' Fidelity Corporation.

"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.