California Financial Code 1641 – Whenever a bank receives personal property for safekeeping or storage …
Current as of: 2024 | Check for updates
|
Other versions
Whenever a bank receives personal property for safekeeping or storage as bailee and issues a receipt therefor, the bank may enforce its lien as warehouseman in accordance with the provisions of the Uniform Commercial Code or at its option in the manner provided in Sections 1671 to 1673, inclusive, of this article.
(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
Terms Used In California Financial Code 1641
- Lien: A claim against real or personal property in satisfaction of a debt.
- Personal property: All property that is not real property.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC