Government Code section 16621

If any savings and loan association or credit union fails to pay all or any part of deposits on demand of the Treasurer, pursuant to the terms and conditions of the contract relating to the deposit that is to be withdrawn in whole or in part, the Treasurer shall forthwith recover upon or convert the security therefor into money and disburse it according to law.

Source: Section 16621, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=16621. (updated Jan. 1, 1987; accessed Jun. 16, 2025).

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Up to date

Verified:
Jun. 16, 2025

§ 16621's source at ca.gov

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Location: https://california.public.law/codes/government_code_section_16621

Original Source: Section 16621, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=16621. (last accessed May 12, 2025).