Section 4879.14 Of Article 5. Other Sales Of Partial Business Units From California Financial Code >> Division 1.6. >> Chapter 3. >> Article 5.
4879.14
. When a sale becomes effective:
(a) The purchaser shall succeed, without other transfer, to all
rights and property of the seller which are sold to the purchaser
under the agreement of sale.
(b) The purchaser shall assume in the same manner as if the
purchaser had itself incurred such debts and liabilities, and shall
be subject to, all debts and liabilities of the seller transferred to
the purchaser under the agreement of sale.
(c) All rights of creditors of the seller and all liens upon the
property of the seller shall be preserved unimpaired.
(d) Any action or proceeding pending by or against the seller
which was sold or transferred to the purchaser under the agreement of
sale may be prosecuted to judgment, which shall bind the purchaser,
or the purchaser may be proceeded against or substituted in place of
the seller.
(e) (1) In case the partial business unit sold includes trust
business, the purchaser shall succeed, without further transfer, to
the rights, obligations, properties, assets, investments, deposits,
demands, agreements, and trusts of the seller under all trusts,
executorships, administrations, guardianships, agencies, and all
other fiduciary or representative capacities sold to the purchaser
under the agreement of sale, to the same extent as if the purchaser
had originally assumed the fiduciary or representative capacities.
(2) In case the partial business unit sold constitutes all or
substantially all the trust business of the seller, the purchaser
shall, in addition, be entitled to take and execute the appointment
to all executorships, trusteeships, guardianships, and other
fiduciary or representative capacities to which the seller is or may
be named in wills, whenever probated, or to which the seller is or
may be named or appointed by any other instrument.