Financial Code - FIN
DIVISION 1.6. DEPOSITORY CORPORATIONS—SALE, MERGER, AND CONVERSION [4800 - 4966]
( Heading of Division 1.6 renumbered from Division 1.5 by Stats. 2011, Ch. 243, Sec. 8. ) CHAPTER 3. Sale [4840 - 4879.17]
( Chapter 3 added by Stats. 1982, Ch. 1411, Sec. 3. ) ARTICLE 2. Sale of Whole Business Unit to California State Depository Corporation or California State-Licensed Foreign (Other Nation) Bank [4845 - 4862]
( Heading of Article 2 amended by Stats. 1995, Ch. 480, Sec. 128. ) 4847.
A seller and purchaser shall make an agreement of sale, providing:
(a) That the seller shall sell to the purchaser, and the purchaser shall purchase from the seller, the seller’s whole business unit.
(b) That the purchaser will assume and be subject to all the debts and liabilities of the seller in the same manner as if the purchaser had itself incurred them.
(c) Other
provisions as may be appropriate.
(Amended by Stats. 1995, Ch. 480, Sec. 132. Effective October 2, 1995.)