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• California Codes
  • California Financial Code
    • FINANCIAL CODE SECTION 3150

3150.  Any bank which voluntarily has ceased to do a banking
business shall immediately notify the commissioner thereof and shall
then proceed to liquidate its affairs.  Any deposit or other sum
which has not been paid to the person entitled thereto within six
months after the bank ceased to conduct a banking business shall be
paid into the State Treasury.  Such deposits shall be deemed to have
been received under the provisions of Chapter 7 (commencing with
Section 1500) of Title 10 of Part 3 of the Code of Civil Procedure,
and shall be subject to claim or other disposition as provided in
said Chapter 7 (commencing with Section 1500) of Title 10.  If the
commissioner has reason to conclude that the liquidation of such bank
is not being safely or expeditiously conducted, he or she may take
possession of the business and property of such bank in the same
manner and with the same effect and subject to the same rights
accorded the bank as if he or she had taken possession pursuant to
the provisions of Article 1 of this chapter, and he or she may
proceed to liquidate its affairs in the same manner as provided in
said Article 1.  When such bank has been completely liquidated, its
corporate existence shall be dissolved in the manner provided by law.