§ 7487
75 words·~1 min read·
/ca/revenue-and-taxation-code/7487A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If, at the time a person ceases to operate under this part, the board holds a security pursuant to Section 7486 in the form of cash, or insured deposits in banks or savings and loan institutions, the security when applied to the account of the taxpayer shall be deemed to be a payment on account of any liability of the taxpayer to the Controller on the date the person ceases to operate under this part.