California Insurance Code

§ 1034

INS § 1034 Effective Jan 1, 1996Div. 1 · Part 2 · Ch. 1 · Art. 14

Statute text

(a)A preference is a transfer of any of the property of the person proceeded against to or for the benefit of a creditor, for or on account of an antecedent debt, made or suffered by the person proceeded against within one year before the filing of a petition for liquidation pursuant to Section 1016, the effect of which transfer may be to enable the creditor to obtain a greater percentage of this debt than another creditor of the same class would receive. The following transactions shall be among those that may be considered a preference:

(1)A transfer of property of the person proceeded against.

(2)The creation of a lien on the property of the person proceeded against.

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Legislative history

Repealed and added by Stats. 1995, Ch. 580, Sec. 6. Effective January 1, 1996.