California Financial Code 4847 – A seller and purchaser shall make an agreement of sale, …
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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.
Terms Used In California Financial Code 4847
- Business unit: means a branch business unit, a partial business unit, or a whole business unit. See California Financial Code 4840
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Purchaser: means a depository corporation that purchases a business unit from another depository corporation pursuant to the provisions of this chapter. See California Financial Code 4840
- sale: means any of the sales described in Section 4846. See California Financial Code 4845
- Seller: means a depository corporation that sells a business unit to another depository corporation pursuant to the provisions of this chapter. See California Financial Code 4840
(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.)