California § 25120 - Except as provided in subdivision (b), it is unlawful for any person to offer or
Full text of California Public Contract Code - PCC § 25120 — Except as provided in subdivision (b), it is unlawful for any person to offer or, with citation guidance and answers to common questions.
§ 25120. Except as provided in subdivision (b), it is unlawful for any person to offer or
(a) Except as provided in subdivision (b), it is unlawful for any person to offer or sell in this state any security in any of the following manners: (1) In an issuer transaction in connection with any change in the rights, preferences, privileges, or restrictions of or on outstanding securities. (2) In any exchange of securities by the issuer with its existing security holders exclusively. (3) In any exchange in connection with any merger or consolidation or purchase of assets in consideration wholly or in part of the issuance of securities. (4) In an entity conversion transaction. (b) Subdivision (a) shall not apply to a security if the security is qualified for sale under this chapter (and no order under Section 25140 or subdivision (a) of Section 25143 is in effect with respect to the qualification) or if the security or transaction is exempted or not subject to qualification under Chapter 1 (commencing with Section 25100) of this part.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 25120
What does Public Contract Code - PCC § 25120 cover?
Section 25120 ("Except as provided in subdivision (b), it is unlawful for any person to offer or") 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 § 25120?
A common citation format is "Public Contract Code - PCC § 25120" (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 § 25120 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.