California § 1406 - In this section: (1)
Full text of California Public Contract Code - PCC § 1406 — In this section: (1), with citation guidance and answers to common questions.
§ 1406. In this section: (1)
(a) In this section: (1) âCreditorâ includes, but is not limited to, a depositor. (2) âInsolvency,â when used with respect to a bank, means that the bank is unable to pay its debts as they come due. (b) This section does not apply to any of the following: (1) Any transaction authorized under Section 1463 or 1465. (2) Any transaction made by a bank in the ordinary course of its business. (c) No bank may pay or secure a creditor if the bank does so (1) after committing an act of insolvency or in contemplation of insolvency and (2) with a view to preventing the application of its assets in the manner prescribed in Chapter 7 (commencing with Section 600) of Division 1 or with a view to the preference of one creditor to another. (d) Any transaction made by a bank in violation of this section is void.
Frequently Asked Questions About California § 1406
What does Public Contract Code - PCC § 1406 cover?
Section 1406 ("In this section: (1)") 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 § 1406?
A common citation format is "Public Contract Code - PCC § 1406" (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 § 1406 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.