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Section 17522.5 Of Article 2. Collections And Enforcement From California Family Law Code >> Division 17. >> Chapter 2. >> Article 2.
17522.5
. (a) Notwithstanding Section 8112 of the Commercial Code
and Section 700.130 of the Code of Civil Procedure, when a local
child support agency pursuant to Section 17522, or the Franchise Tax
Board pursuant to Section 18670 or 18670.5 of the Revenue and
Taxation Code, or the department pursuant to Section 17454 or 17500,
issues a levy upon, or requires by notice any employer, person,
political officer or entity, or depository institution to withhold
the amount of, as applicable, a financial asset for the purpose of
collecting a delinquent child support obligation, the person,
financial institution, or securities intermediary (as defined in
Section 8102 of the Commercial Code) in possession or control of the
financial asset shall liquidate the financial asset in a commercially
reasonable manner within 20 days of the issuance of the levy or the
notice to withhold. Within five days of liquidation, the person,
financial institution, or securities intermediary shall transfer to
the local child support agency, the Franchise Tax Board, or the
department, as applicable, the proceeds of the liquidation, less any
reasonable commissions or fees, or both, which are charged in the
normal course of business.
(b) If the value of the financial assets exceed the total amount of support due, the obligor may, within 10 days after the service of the levy or notice to withhold upon the person, financial institution, or securities intermediary, instruct the person, financial institution, or securities intermediary who possesses or controls the financial assets as to which financial assets are to be sold to satisfy the obligation for delinquent support. If the obligor does not provide instructions for liquidation, the person, financial institution, or securities intermediary who possesses or controls the financial assets shall liquidate the financial assets in a commercially reasonable manner and in an amount sufficient to cover the obligation for delinquent child support, and any reasonable commissions or fees, or both, which are charged in the normal course of business, beginning with the financial assets purchased most recently.
(c) For the purposes of this section, a financial asset shall include, but not be limited to, an uncertificated security, certificated security, or security entitlement (as defined in Section 8102 of the Commercial Code), security (as defined in Section 8103 of the Commercial Code), or a securities account (as defined in Section 8501 of the Commercial Code).
(b) If the value of the financial assets exceed the total amount of support due, the obligor may, within 10 days after the service of the levy or notice to withhold upon the person, financial institution, or securities intermediary, instruct the person, financial institution, or securities intermediary who possesses or controls the financial assets as to which financial assets are to be sold to satisfy the obligation for delinquent support. If the obligor does not provide instructions for liquidation, the person, financial institution, or securities intermediary who possesses or controls the financial assets shall liquidate the financial assets in a commercially reasonable manner and in an amount sufficient to cover the obligation for delinquent child support, and any reasonable commissions or fees, or both, which are charged in the normal course of business, beginning with the financial assets purchased most recently.
(c) For the purposes of this section, a financial asset shall include, but not be limited to, an uncertificated security, certificated security, or security entitlement (as defined in Section 8102 of the Commercial Code), security (as defined in Section 8103 of the Commercial Code), or a securities account (as defined in Section 8501 of the Commercial Code).
