Section 4876.09 Of Article 3.5. Sale Of Whole Business Unit Of California State Independent Trust Company To Uninsured Foreign (other State) State Depository Corporation From California Financial Code >> Division 1.6. >> Chapter 3. >> Article 3.5.
4876.09
. (a) After a sale becomes effective, the seller or
purchaser may issue an officers' certificate stating that the seller
sold its whole business unit to the purchaser and specifying the time
at which the sale became effective.
(b) Any certificate issued pursuant to subdivision (a) shall be
prima facie evidence of the fact of the sale and of the regularity of
the proceedings taken for the sale and shall be conclusive evidence
of the matters in favor of any innocent purchaser or encumbrancer for
value.