California Legal Codes and Statutes

§ 16621

Amended by Stats. 1987, Ch. 1035, Sec. 13.

If any savings and loan association or credit union fails to pay all or any part of deposits on demand of the Treasurer, pursuant to the terms and conditions of the contract relating to the deposit that is to be withdrawn in whole or in part, the Treasurer shall forthwith recover upon or convert the security therefor into money and disburse it according to law.

Cite this section

Cal. Gov. Code § 16621 (2026)
https://ca.codecond.com/codes/gov/title-2-government-of-the-state-of-california/division-4-fiscal-affairs/part-2-state-funds/chapter-4-5-savings-and-loan-association-deposits/article-2-security-for-deposits/section-16621

Other sections in Article 2 - Security for Deposits

§ 16610§ 16611§ 16612§ 16613§ 16614§ 16615§ 16616§ 16617§ 16618§ 16619§ 16620§ 16621§ 16622

This content is for reference, learning, and study purposes only. All legal text should be verified against the official California Legislative Information website, which is the authoritative source for California law. Data last processed: February 15, 2026.