California Financial Code

§ 4875

FIN § 4875 Effective Oct 2, 1995Div. 1.6 · Ch. 3 · Art. 3

Statute text

(a)After a sale becomes effective, the seller or purchaser may issue an officer’s certificate stating that the seller sold its whole business unit to the purchaser and specifying the time at which the sale became effective.

(b)Any certificate issued pursuant to subdivision (a) shall be prima facie evidence of the fact of the sale and of the regularity of the proceedings taken for the sale and shall be conclusive evidence of the matters in favor of any innocent purchaser or encumbrancer for value.

Legislative history

Amended by Stats. 1995, Ch. 480, Sec. 153. Effective October 2, 1995.