§ 1480
244 words·~1 min read·
/ca/financial-code/1480A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For the purpose of this article:
(a)“Obligations” means the total sums for the payment of which a person is obligated, primarily or secondarily, to a commercial bank.
(b)Obligations of a person include obligations of others to a commercial bank arising out of loans made by the bank for the benefit of the person.
(c)Obligations of an individual include the obligations of a partnership or association for which obligations the individual is liable.
(d)Obligations of a partnership include the obligations of its members who are liable for its obligations.
(e)Obligations of a corporation include the obligations of all subsidiaries in which it owns or controls a majority interest, except to the extent and under such restrictions as the commissioner may prescribe in specific instances upon special application made by any bank prior to the creation of the obligations.
(f)Obligations of a sovereign government or agency include the obligations of instrumentalities or political subdivisions of the government or agency, except to the extent and under such restrictions as the commissioner may prescribe in specific instances upon special application made by any bank prior to the creation of the obligations.
(g)Obligations of a limited liability company include the obligations of all subsidiaries in which it owns or controls a majority interest, except to the extent and under any restrictions the commissioner may prescribe in specific instances upon special application made by any bank prior to the creation of the obligations.