Section 18415.5 Of Article 4. Possession, Conservatorship, And Liquidation By The Commissioner From California Financial Code >> Division 7. >> Chapter 5. >> Article 4.
18415.5
. Upon taking possession of the property and business of any
industrial loan company, the commissioner shall give notice of that
fact to all persons holding or having in their possession any assets
of the company. The notice required by this section shall not be
deemed to be a prerequisite to the taking of possession of the
property and business of the industrial loan company. No person
knowing of the taking, or who has been notified thereof, shall have a
lien or charge upon any assets of the company for any payment,
advance or clearance thereafter made, or for any liability thereafter
incurred.
Notice is deemed given when the commissioner has either made
personal service of the notice, or mailed the notice to the person by
certified mail.