Section 18415.12 Of Article 4. Possession, Conservatorship, And Liquidation By The Commissioner From California Financial Code >> Division 7. >> Chapter 5. >> Article 4.
18415.12
. The commissioner may file a petition with the court and
the court shall issue such injunctions or orders, as may be deemed
necessary, to prevent any of the following occurrences:
(a) Interference with the commissioner or the proceeding.
(b) The institution of any actions or proceedings, or the
prosecution of any actions or proceedings already commenced.
(c) Waste of assets of the entity.
(d) The obtaining of preferences, judgments, attachments or other
liens against the company or its assets.
(e) The making of any levy against the company or its assets.
(f) The sale or deed for nonpayment of taxes or assessments levied
by any taxing agency of any of the following:
(1) Property owned by the company.
(2) Property upon which the company holds an encumbrance.
(3) Property upon which the company has prior thereto commenced an
action to foreclose any deed of trust or mortgage or has exercised
the power of sale under any trust deed or mortgage which sale or
foreclosure proceedings have not yet been completed or upon which no
trustee's deed or judgment of court or sheriff's certificate of sale
has been issued.
"Taxing agency," as used in this section, has the same meaning as
defined in Section 121 of the Revenue and Taxation Code. The
injunctions or orders authorized by this subdivision may be modified,
dissolved, or rescinded by the court on motion of the commissioner,
the Controller, or the person charged with the collection of taxes or
assessments on such property. The recording in the office of the
county recorder of any county in the state of an order or injunction
issued pursuant to this section, shall constitute service of the
order or injunction upon any taxing agency with respect to property
or interest therein located in such county.