California § 1391 - Whenever an exchange subject to this article, is not possessed of admitted assets
Full text of California Public Contract Code - PCC § 1391 — Whenever an exchange subject to this article, is not possessed of admitted assets, with citation guidance and answers to common questions.
§ 1391. Whenever an exchange subject to this article, is not possessed of admitted assets
Whenever an exchange subject to this article, is not possessed of admitted assets sufficient to discharge all liabilities and to maintain the required surplus, the attorney may make an assessment for the amount, subject to the limits provided by this article, needed to make up the deficiency. If the attorney fails to make the assessment within 30 days after the commissioner orders him to do so, the commissioner may make the assessment. If liquidation of such an exchange is ordered, the assessment may be levied for such an amount, subject to limits provided by this article, as the commissioner determines to be necessary to discharge all liabilities of the exchange, including the reasonable cost of liquidation.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 1391
What does Public Contract Code - PCC § 1391 cover?
Section 1391 ("Whenever an exchange subject to this article, is not possessed of admitted assets") 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 § 1391?
A common citation format is "Public Contract Code - PCC § 1391" (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 § 1391 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.