Section 4878.08 Of Article 4.5. Sale Of Partial Trust Business Unit By California State Bank Or Savings Association To Uninsured Foreign (other State) State Depository Corporation From California Financial Code >> Division 1.6. >> Chapter 3. >> Article 4.5.
4878.08
. (a) After a sale becomes effective, the seller or
purchaser may issue an officers' certificate stating that the seller
sold a partial trust business unit to the purchaser, describing the
business unit, 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.