California § 12653 - After determining that all the known debts and liabilities of a corporation in th
Full text of California Public Contract Code - PCC § 12653 — After determining that all the known debts and liabilities of a corporation in th, with citation guidance and answers to common questions.
§ 12653. After determining that all the known debts and liabilities of a corporation in th
(a) After determining that all the known debts and liabilities of a corporation in the process of winding up have been paid or adequately provided for, the board shall distribute all the remaining corporate assets in the manner provided in Sections 12655, 12656, and 12656.5. (b) If the winding up is by court proceeding or subject to court supervision, the distribution shall not be made until after the expiration of any period for the presentation of claims that has been prescribed by order of the court. (c) Anything to the contrary notwithstanding, assets, if any, that are not subject to attachment, execution, or sale for the corporationâs debts and liabilities may be distributed pursuant to Sections 12655, 12656, and 12656.5 even though all debts and liabilities have not been paid or adequately provided for.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 12653
What does Public Contract Code - PCC § 12653 cover?
Section 12653 ("After determining that all the known debts and liabilities of a corporation in th") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 12653?
A common citation format is "Public Contract Code - PCC § 12653" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 12653 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.