State Codes and Statutes

Statutes > California > Fin > 18520-18525

FINANCIAL CODE
SECTION 18520-18525



18520.  It shall be the purpose of Guaranty Corporation to guarantee
full payment of guaranteed accounts of members, exclusive of special
members, up to fifty thousand dollars ($50,000) for each account,
subject to the express limitations provided in this chapter.



18521.5.  (a) Notwithstanding Section 18521 or 18100.5, until July
1, 1990, each industrial loan company, other than a premium finance
agency, which has issued and has outstanding thrift obligations
shall, as a condition of its authority to continue to conduct
business under this division, have its outstanding thrift obligations
insured or guaranteed by Thrift Guaranty Corporation, or participate
as a member of the Federal Deposit Insurance Corporation; however,
each industrial loan company shall, as a condition of its authority
to continue to conduct business under this division, continue to
participate as a member or a special member as defined in Section
18476, in Thrift Guaranty Corporation in accordance with this chapter
and rules established by the Board of Directors of Thrift Guaranty
Corporation until it has paid assessments required by Section 18537.
   (b) On and after July 1, 1990, each industrial loan company, other
than a premium finance agency, which has issued and has outstanding
thrift obligations, shall, as a condition of its authority to
continue to conduct business under this division, participate as a
member of the Federal Deposit Insurance Corporation.
   (c) Any person not transacting the business of an industrial loan
company prior to the effective date of this section, who thereafter
commences business under the provisions of this division, shall, upon
commencement of its business, participate as a member of the Federal
Deposit Insurance Corporation.
   (d) Thrift Guaranty Corporation shall have the power to seek
insurance, guarantee, or surety, with an insurer or surety, or
guarantor authorized to transact business in this state. The
insurance shall be subject to the approval of the commissioner after
consultation with the Insurance Commissioner. It is the intent of the
Legislature to permit Thrift Guaranty Corporation to seek insurance
and Thrift Guaranty Corporation's insurer to seek reinsurance. Thrift
Guaranty Corporation shall remain in existence after July 1, 1990,
to assist in the winding up, liquidation, or merger of industrial
loan companies unable to comply with the requirements of subdivision
(b) by that date. Thrift Guaranty Corporation shall continue to
guarantee outstanding thrift obligations sold and issued prior to
July 1, 1990, by an industrial loan company which has not complied
with the requirements of subdivision (b) by July 1, 1990, until all
outstanding thrift obligations have been redeemed by the issuer, a
successor to the issuer in compliance with the requirements of
subdivision (b), or Thrift Guaranty Corporation.
   (e) In addition to any other provision of this section, if during
that period of time ending July 1, 1990, the United States Congress
or the Board of Governors of the Federal Reserve System adopt or
amend a law or regulations which pertain to an industrial loan
company applying for and obtaining membership in the Federal Deposit
Insurance Corporation, and the new federal law or regulations prevent
an industrial loan company from obtaining Federal Deposit Insurance
Corporation coverage solely because the company's holding company
status prevents Federal Deposit Insurance Corporation membership, a
successor to the Thrift Guaranty Corporation approved by the
commissioner, or some other institutional mechanism approved by the
commissioner, which obtains insurance in accordance with this
subdivision, may continue to discharge its function so long as the
insurance remains in effect.
   (f) Within one year of the effective date of the act which adds
this section, and annually thereafter until July 1, 1990, the
commissioner shall report to the Legislature on the following:
   (1) The progress of Thrift Guaranty Corporation in obtaining
reinsurance.
   (2) The progress of licensees in converting to coverage by an
instrumentality of the United States government or by a private
insurer, surety, or guarantor.
   (3) Recommendations for additional legislation if, in the
commissioner's opinion, additional legislation would be desirable to
encourage industrial loan companies to seek coverage for investment
certificates from sources other than Thrift Guaranty Corporation.
   The commissioner shall submit special reports on these matters as
may be required by the circumstances.



18521.6.  No industrial loan company which fails to comply with the
requirements of subdivision (b) of Section 18521.5 by June 30, 1990,
may continue to sell and issue investment certificates beyond that
date.


18523.  The following described thrift obligations will be
guaranteed by Guaranty Corporation in the amounts hereinafter set
forth below:
   (a) Single ownership investment certificates. Funds owned by an
individual and invested in the manner set forth below shall be added
together and guaranteed up to fifty thousand dollars ($50,000) in the
aggregate.
   (1) Individual investment certificates (or investment certificates
of the husband-wife community of which the individual is a member)
and invested in one or more investment certificates in his or her own
name shall be guaranteed up to fifty thousand dollars ($50,000) in
the aggregate.
   (2) Funds owned by a principal and invested in one or more
investment certificates in the name or names of agents or nominees
shall be added to any individual investment certificates of the
principal and guaranteed up to fifty thousand dollars ($50,000) in
the aggregate.
   (3)  Investment certificates held by guardians, custodians or
conservators for the benefit of their wards or for the benefit of a
minor under a Uniform Gifts to Minors Act and invested in one or more
investment certificates in the name of the guardian, custodian or
conservator shall be added to any individual investment certificates
of the ward or minor and guaranteed up to fifty thousand dollars
($50,000) in the aggregate.
   (b) Testamentary investment certificates.
   (1) Funds owned by an individual and invested in a revocable trust
investment certificate, tentative trust investment certificate,
payable-on-death investment certificate, or similar investment
certificate evidencing an intention that on his or her death the
funds shall belong to his or her spouse, child or grandchild, shall
be guaranteed up to fifty thousand dollars ($50,000) in the
aggregate, as to each such named beneficiary, separately from any
other investment certificates of the owner.
   (2) If the named beneficiary of such an investment certificate is
other than the owner's spouse, child or grandchild, the funds in the
investment certificate shall be added to any individual investment
certificates of such owner and guaranteed up to fifty thousand
dollars ($50,000) in the aggregate, separately from the individual
investment certificates of the beneficiaries of the estate or of the
executor or administrator.
   (c)  Investment certificates held by executors or administrators.
Funds of a decedent held in the name of the decedent or in the name
of the executor or administrator of his or her estate and invested in
one or more investment certificates shall be guaranteed up to fifty
thousand dollars ($50,000) in the aggregate, separately from the
individual investment certificates of the beneficiaries of the estate
or of the executor or administrator.
   (d) Corporation or partnership investment certificates. Investment
certificates of a corporation or partnership engaged in any
independent activity shall be guaranteed up to fifty thousand dollars
($50,000) in the aggregate. An investment certificate of a
corporation or partnership not engaged in an independent activity
shall be deemed to be owned by the person or persons owning such
corporation or comprising such partnership and, for guarantee
purposes, the interest of each person in the investment certificate
shall be added to any other investment certificates individually
owned by such person and guaranteed up to fifty thousand dollars
($50,000) in the aggregate. The term "independent activity" means any
activity other than one directed solely at increasing guarantee
coverage under this chapter.
   (e) Unincorporated associations. Investment certificates of an
unincorporated association engaged in any independent activity shall
be guaranteed up to fifty thousand dollars ($50,000) in the
aggregate. An investment certificate of an unincorporated association
not engaged in an independent activity shall be deemed to be owned
by the persons comprising such association and, for guarantee
purposes, the interest of each owner in the investment certificate
shall be added to any other investment certificates individually
owned by such person and guaranteed up to fifty thousand dollars
($50,000) in the aggregate.
   (f) Joint investment certificates.
   (1)  Investment certificates owned jointly, whether as joint
tenants with right of survivorship, as tenants by the entireties, as
tenants in common, or by husband and wife as community property,
shall be guaranteed separately from investment certificates
individually owned by the co-owners.
   (2) A joint investment certificate shall be deemed to exist, for
purposes of guarantee of investment certificates, only if each
co-owner has personally executed an investment certificate signature
card and possesses redemption rights.
   (3) An investment certificate owned jointly which does not qualify
as a joint investment certificate for purposes of guarantee of
investment certificates shall be treated as owned by the named
persons as individuals and the actual ownership interest of each such
person in such investment certificate shall be added to any other
investment certificates individually owned by such person and
guaranteed up to fifty thousand dollars ($50,000) in the aggregate.
   (4) All joint investment certificates owned by the same
combination of individuals shall first be added together and
guaranteed up to fifty thousand dollars ($50,000) in the aggregate.
   (5) The interest of each co-owner in all joint investment
certificates owned by different combinations of individuals shall
then be added together and guaranteed up to fifty thousand dollars
($50,000) in the aggregate.
   (g) Trust investment certificates. All trust interests for the
same beneficiary invested in investment certificates established
pursuant to valid trust arrangements created by the same settlor
(grantor) shall be added together and guaranteed up to fifty thousand
dollars ($50,000) in the aggregate, separately from other investment
certificates of the trustee of such trust funds or the settlor or
beneficiary of such trust arrangements.
   (h) Thrift obligations withdrawn by checks that have not cleared a
member's bank account at the time the commissioner has taken
possession of the property and business of a member. The owner of the
funds represented by such a check shall be recognized for all
purposes of a claim for guaranteed thrift obligations to the same
extent as if his or her name and interest were disclosed on the
records of the member.



18525.  Notwithstanding any other provision of this division,
Guaranty Corporation, with the written consent of the commissioner,
shall have the power to assume obligations, enter into contracts,
including contracts of guarantee or suretyship, incur liabilities,
borrow money, lend money or otherwise use its credit, and secure any
of its obligations, contracts, or liabilities by mortgage, pledge,
security interest, or other encumbrances of all or any part of its
property and assets, including, but not limited to, income from
assessments of members or rights thereto, and income.


State Codes and Statutes

Statutes > California > Fin > 18520-18525

FINANCIAL CODE
SECTION 18520-18525



18520.  It shall be the purpose of Guaranty Corporation to guarantee
full payment of guaranteed accounts of members, exclusive of special
members, up to fifty thousand dollars ($50,000) for each account,
subject to the express limitations provided in this chapter.



18521.5.  (a) Notwithstanding Section 18521 or 18100.5, until July
1, 1990, each industrial loan company, other than a premium finance
agency, which has issued and has outstanding thrift obligations
shall, as a condition of its authority to continue to conduct
business under this division, have its outstanding thrift obligations
insured or guaranteed by Thrift Guaranty Corporation, or participate
as a member of the Federal Deposit Insurance Corporation; however,
each industrial loan company shall, as a condition of its authority
to continue to conduct business under this division, continue to
participate as a member or a special member as defined in Section
18476, in Thrift Guaranty Corporation in accordance with this chapter
and rules established by the Board of Directors of Thrift Guaranty
Corporation until it has paid assessments required by Section 18537.
   (b) On and after July 1, 1990, each industrial loan company, other
than a premium finance agency, which has issued and has outstanding
thrift obligations, shall, as a condition of its authority to
continue to conduct business under this division, participate as a
member of the Federal Deposit Insurance Corporation.
   (c) Any person not transacting the business of an industrial loan
company prior to the effective date of this section, who thereafter
commences business under the provisions of this division, shall, upon
commencement of its business, participate as a member of the Federal
Deposit Insurance Corporation.
   (d) Thrift Guaranty Corporation shall have the power to seek
insurance, guarantee, or surety, with an insurer or surety, or
guarantor authorized to transact business in this state. The
insurance shall be subject to the approval of the commissioner after
consultation with the Insurance Commissioner. It is the intent of the
Legislature to permit Thrift Guaranty Corporation to seek insurance
and Thrift Guaranty Corporation's insurer to seek reinsurance. Thrift
Guaranty Corporation shall remain in existence after July 1, 1990,
to assist in the winding up, liquidation, or merger of industrial
loan companies unable to comply with the requirements of subdivision
(b) by that date. Thrift Guaranty Corporation shall continue to
guarantee outstanding thrift obligations sold and issued prior to
July 1, 1990, by an industrial loan company which has not complied
with the requirements of subdivision (b) by July 1, 1990, until all
outstanding thrift obligations have been redeemed by the issuer, a
successor to the issuer in compliance with the requirements of
subdivision (b), or Thrift Guaranty Corporation.
   (e) In addition to any other provision of this section, if during
that period of time ending July 1, 1990, the United States Congress
or the Board of Governors of the Federal Reserve System adopt or
amend a law or regulations which pertain to an industrial loan
company applying for and obtaining membership in the Federal Deposit
Insurance Corporation, and the new federal law or regulations prevent
an industrial loan company from obtaining Federal Deposit Insurance
Corporation coverage solely because the company's holding company
status prevents Federal Deposit Insurance Corporation membership, a
successor to the Thrift Guaranty Corporation approved by the
commissioner, or some other institutional mechanism approved by the
commissioner, which obtains insurance in accordance with this
subdivision, may continue to discharge its function so long as the
insurance remains in effect.
   (f) Within one year of the effective date of the act which adds
this section, and annually thereafter until July 1, 1990, the
commissioner shall report to the Legislature on the following:
   (1) The progress of Thrift Guaranty Corporation in obtaining
reinsurance.
   (2) The progress of licensees in converting to coverage by an
instrumentality of the United States government or by a private
insurer, surety, or guarantor.
   (3) Recommendations for additional legislation if, in the
commissioner's opinion, additional legislation would be desirable to
encourage industrial loan companies to seek coverage for investment
certificates from sources other than Thrift Guaranty Corporation.
   The commissioner shall submit special reports on these matters as
may be required by the circumstances.



18521.6.  No industrial loan company which fails to comply with the
requirements of subdivision (b) of Section 18521.5 by June 30, 1990,
may continue to sell and issue investment certificates beyond that
date.


18523.  The following described thrift obligations will be
guaranteed by Guaranty Corporation in the amounts hereinafter set
forth below:
   (a) Single ownership investment certificates. Funds owned by an
individual and invested in the manner set forth below shall be added
together and guaranteed up to fifty thousand dollars ($50,000) in the
aggregate.
   (1) Individual investment certificates (or investment certificates
of the husband-wife community of which the individual is a member)
and invested in one or more investment certificates in his or her own
name shall be guaranteed up to fifty thousand dollars ($50,000) in
the aggregate.
   (2) Funds owned by a principal and invested in one or more
investment certificates in the name or names of agents or nominees
shall be added to any individual investment certificates of the
principal and guaranteed up to fifty thousand dollars ($50,000) in
the aggregate.
   (3)  Investment certificates held by guardians, custodians or
conservators for the benefit of their wards or for the benefit of a
minor under a Uniform Gifts to Minors Act and invested in one or more
investment certificates in the name of the guardian, custodian or
conservator shall be added to any individual investment certificates
of the ward or minor and guaranteed up to fifty thousand dollars
($50,000) in the aggregate.
   (b) Testamentary investment certificates.
   (1) Funds owned by an individual and invested in a revocable trust
investment certificate, tentative trust investment certificate,
payable-on-death investment certificate, or similar investment
certificate evidencing an intention that on his or her death the
funds shall belong to his or her spouse, child or grandchild, shall
be guaranteed up to fifty thousand dollars ($50,000) in the
aggregate, as to each such named beneficiary, separately from any
other investment certificates of the owner.
   (2) If the named beneficiary of such an investment certificate is
other than the owner's spouse, child or grandchild, the funds in the
investment certificate shall be added to any individual investment
certificates of such owner and guaranteed up to fifty thousand
dollars ($50,000) in the aggregate, separately from the individual
investment certificates of the beneficiaries of the estate or of the
executor or administrator.
   (c)  Investment certificates held by executors or administrators.
Funds of a decedent held in the name of the decedent or in the name
of the executor or administrator of his or her estate and invested in
one or more investment certificates shall be guaranteed up to fifty
thousand dollars ($50,000) in the aggregate, separately from the
individual investment certificates of the beneficiaries of the estate
or of the executor or administrator.
   (d) Corporation or partnership investment certificates. Investment
certificates of a corporation or partnership engaged in any
independent activity shall be guaranteed up to fifty thousand dollars
($50,000) in the aggregate. An investment certificate of a
corporation or partnership not engaged in an independent activity
shall be deemed to be owned by the person or persons owning such
corporation or comprising such partnership and, for guarantee
purposes, the interest of each person in the investment certificate
shall be added to any other investment certificates individually
owned by such person and guaranteed up to fifty thousand dollars
($50,000) in the aggregate. The term "independent activity" means any
activity other than one directed solely at increasing guarantee
coverage under this chapter.
   (e) Unincorporated associations. Investment certificates of an
unincorporated association engaged in any independent activity shall
be guaranteed up to fifty thousand dollars ($50,000) in the
aggregate. An investment certificate of an unincorporated association
not engaged in an independent activity shall be deemed to be owned
by the persons comprising such association and, for guarantee
purposes, the interest of each owner in the investment certificate
shall be added to any other investment certificates individually
owned by such person and guaranteed up to fifty thousand dollars
($50,000) in the aggregate.
   (f) Joint investment certificates.
   (1)  Investment certificates owned jointly, whether as joint
tenants with right of survivorship, as tenants by the entireties, as
tenants in common, or by husband and wife as community property,
shall be guaranteed separately from investment certificates
individually owned by the co-owners.
   (2) A joint investment certificate shall be deemed to exist, for
purposes of guarantee of investment certificates, only if each
co-owner has personally executed an investment certificate signature
card and possesses redemption rights.
   (3) An investment certificate owned jointly which does not qualify
as a joint investment certificate for purposes of guarantee of
investment certificates shall be treated as owned by the named
persons as individuals and the actual ownership interest of each such
person in such investment certificate shall be added to any other
investment certificates individually owned by such person and
guaranteed up to fifty thousand dollars ($50,000) in the aggregate.
   (4) All joint investment certificates owned by the same
combination of individuals shall first be added together and
guaranteed up to fifty thousand dollars ($50,000) in the aggregate.
   (5) The interest of each co-owner in all joint investment
certificates owned by different combinations of individuals shall
then be added together and guaranteed up to fifty thousand dollars
($50,000) in the aggregate.
   (g) Trust investment certificates. All trust interests for the
same beneficiary invested in investment certificates established
pursuant to valid trust arrangements created by the same settlor
(grantor) shall be added together and guaranteed up to fifty thousand
dollars ($50,000) in the aggregate, separately from other investment
certificates of the trustee of such trust funds or the settlor or
beneficiary of such trust arrangements.
   (h) Thrift obligations withdrawn by checks that have not cleared a
member's bank account at the time the commissioner has taken
possession of the property and business of a member. The owner of the
funds represented by such a check shall be recognized for all
purposes of a claim for guaranteed thrift obligations to the same
extent as if his or her name and interest were disclosed on the
records of the member.



18525.  Notwithstanding any other provision of this division,
Guaranty Corporation, with the written consent of the commissioner,
shall have the power to assume obligations, enter into contracts,
including contracts of guarantee or suretyship, incur liabilities,
borrow money, lend money or otherwise use its credit, and secure any
of its obligations, contracts, or liabilities by mortgage, pledge,
security interest, or other encumbrances of all or any part of its
property and assets, including, but not limited to, income from
assessments of members or rights thereto, and income.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 18520-18525

FINANCIAL CODE
SECTION 18520-18525



18520.  It shall be the purpose of Guaranty Corporation to guarantee
full payment of guaranteed accounts of members, exclusive of special
members, up to fifty thousand dollars ($50,000) for each account,
subject to the express limitations provided in this chapter.



18521.5.  (a) Notwithstanding Section 18521 or 18100.5, until July
1, 1990, each industrial loan company, other than a premium finance
agency, which has issued and has outstanding thrift obligations
shall, as a condition of its authority to continue to conduct
business under this division, have its outstanding thrift obligations
insured or guaranteed by Thrift Guaranty Corporation, or participate
as a member of the Federal Deposit Insurance Corporation; however,
each industrial loan company shall, as a condition of its authority
to continue to conduct business under this division, continue to
participate as a member or a special member as defined in Section
18476, in Thrift Guaranty Corporation in accordance with this chapter
and rules established by the Board of Directors of Thrift Guaranty
Corporation until it has paid assessments required by Section 18537.
   (b) On and after July 1, 1990, each industrial loan company, other
than a premium finance agency, which has issued and has outstanding
thrift obligations, shall, as a condition of its authority to
continue to conduct business under this division, participate as a
member of the Federal Deposit Insurance Corporation.
   (c) Any person not transacting the business of an industrial loan
company prior to the effective date of this section, who thereafter
commences business under the provisions of this division, shall, upon
commencement of its business, participate as a member of the Federal
Deposit Insurance Corporation.
   (d) Thrift Guaranty Corporation shall have the power to seek
insurance, guarantee, or surety, with an insurer or surety, or
guarantor authorized to transact business in this state. The
insurance shall be subject to the approval of the commissioner after
consultation with the Insurance Commissioner. It is the intent of the
Legislature to permit Thrift Guaranty Corporation to seek insurance
and Thrift Guaranty Corporation's insurer to seek reinsurance. Thrift
Guaranty Corporation shall remain in existence after July 1, 1990,
to assist in the winding up, liquidation, or merger of industrial
loan companies unable to comply with the requirements of subdivision
(b) by that date. Thrift Guaranty Corporation shall continue to
guarantee outstanding thrift obligations sold and issued prior to
July 1, 1990, by an industrial loan company which has not complied
with the requirements of subdivision (b) by July 1, 1990, until all
outstanding thrift obligations have been redeemed by the issuer, a
successor to the issuer in compliance with the requirements of
subdivision (b), or Thrift Guaranty Corporation.
   (e) In addition to any other provision of this section, if during
that period of time ending July 1, 1990, the United States Congress
or the Board of Governors of the Federal Reserve System adopt or
amend a law or regulations which pertain to an industrial loan
company applying for and obtaining membership in the Federal Deposit
Insurance Corporation, and the new federal law or regulations prevent
an industrial loan company from obtaining Federal Deposit Insurance
Corporation coverage solely because the company's holding company
status prevents Federal Deposit Insurance Corporation membership, a
successor to the Thrift Guaranty Corporation approved by the
commissioner, or some other institutional mechanism approved by the
commissioner, which obtains insurance in accordance with this
subdivision, may continue to discharge its function so long as the
insurance remains in effect.
   (f) Within one year of the effective date of the act which adds
this section, and annually thereafter until July 1, 1990, the
commissioner shall report to the Legislature on the following:
   (1) The progress of Thrift Guaranty Corporation in obtaining
reinsurance.
   (2) The progress of licensees in converting to coverage by an
instrumentality of the United States government or by a private
insurer, surety, or guarantor.
   (3) Recommendations for additional legislation if, in the
commissioner's opinion, additional legislation would be desirable to
encourage industrial loan companies to seek coverage for investment
certificates from sources other than Thrift Guaranty Corporation.
   The commissioner shall submit special reports on these matters as
may be required by the circumstances.



18521.6.  No industrial loan company which fails to comply with the
requirements of subdivision (b) of Section 18521.5 by June 30, 1990,
may continue to sell and issue investment certificates beyond that
date.


18523.  The following described thrift obligations will be
guaranteed by Guaranty Corporation in the amounts hereinafter set
forth below:
   (a) Single ownership investment certificates. Funds owned by an
individual and invested in the manner set forth below shall be added
together and guaranteed up to fifty thousand dollars ($50,000) in the
aggregate.
   (1) Individual investment certificates (or investment certificates
of the husband-wife community of which the individual is a member)
and invested in one or more investment certificates in his or her own
name shall be guaranteed up to fifty thousand dollars ($50,000) in
the aggregate.
   (2) Funds owned by a principal and invested in one or more
investment certificates in the name or names of agents or nominees
shall be added to any individual investment certificates of the
principal and guaranteed up to fifty thousand dollars ($50,000) in
the aggregate.
   (3)  Investment certificates held by guardians, custodians or
conservators for the benefit of their wards or for the benefit of a
minor under a Uniform Gifts to Minors Act and invested in one or more
investment certificates in the name of the guardian, custodian or
conservator shall be added to any individual investment certificates
of the ward or minor and guaranteed up to fifty thousand dollars
($50,000) in the aggregate.
   (b) Testamentary investment certificates.
   (1) Funds owned by an individual and invested in a revocable trust
investment certificate, tentative trust investment certificate,
payable-on-death investment certificate, or similar investment
certificate evidencing an intention that on his or her death the
funds shall belong to his or her spouse, child or grandchild, shall
be guaranteed up to fifty thousand dollars ($50,000) in the
aggregate, as to each such named beneficiary, separately from any
other investment certificates of the owner.
   (2) If the named beneficiary of such an investment certificate is
other than the owner's spouse, child or grandchild, the funds in the
investment certificate shall be added to any individual investment
certificates of such owner and guaranteed up to fifty thousand
dollars ($50,000) in the aggregate, separately from the individual
investment certificates of the beneficiaries of the estate or of the
executor or administrator.
   (c)  Investment certificates held by executors or administrators.
Funds of a decedent held in the name of the decedent or in the name
of the executor or administrator of his or her estate and invested in
one or more investment certificates shall be guaranteed up to fifty
thousand dollars ($50,000) in the aggregate, separately from the
individual investment certificates of the beneficiaries of the estate
or of the executor or administrator.
   (d) Corporation or partnership investment certificates. Investment
certificates of a corporation or partnership engaged in any
independent activity shall be guaranteed up to fifty thousand dollars
($50,000) in the aggregate. An investment certificate of a
corporation or partnership not engaged in an independent activity
shall be deemed to be owned by the person or persons owning such
corporation or comprising such partnership and, for guarantee
purposes, the interest of each person in the investment certificate
shall be added to any other investment certificates individually
owned by such person and guaranteed up to fifty thousand dollars
($50,000) in the aggregate. The term "independent activity" means any
activity other than one directed solely at increasing guarantee
coverage under this chapter.
   (e) Unincorporated associations. Investment certificates of an
unincorporated association engaged in any independent activity shall
be guaranteed up to fifty thousand dollars ($50,000) in the
aggregate. An investment certificate of an unincorporated association
not engaged in an independent activity shall be deemed to be owned
by the persons comprising such association and, for guarantee
purposes, the interest of each owner in the investment certificate
shall be added to any other investment certificates individually
owned by such person and guaranteed up to fifty thousand dollars
($50,000) in the aggregate.
   (f) Joint investment certificates.
   (1)  Investment certificates owned jointly, whether as joint
tenants with right of survivorship, as tenants by the entireties, as
tenants in common, or by husband and wife as community property,
shall be guaranteed separately from investment certificates
individually owned by the co-owners.
   (2) A joint investment certificate shall be deemed to exist, for
purposes of guarantee of investment certificates, only if each
co-owner has personally executed an investment certificate signature
card and possesses redemption rights.
   (3) An investment certificate owned jointly which does not qualify
as a joint investment certificate for purposes of guarantee of
investment certificates shall be treated as owned by the named
persons as individuals and the actual ownership interest of each such
person in such investment certificate shall be added to any other
investment certificates individually owned by such person and
guaranteed up to fifty thousand dollars ($50,000) in the aggregate.
   (4) All joint investment certificates owned by the same
combination of individuals shall first be added together and
guaranteed up to fifty thousand dollars ($50,000) in the aggregate.
   (5) The interest of each co-owner in all joint investment
certificates owned by different combinations of individuals shall
then be added together and guaranteed up to fifty thousand dollars
($50,000) in the aggregate.
   (g) Trust investment certificates. All trust interests for the
same beneficiary invested in investment certificates established
pursuant to valid trust arrangements created by the same settlor
(grantor) shall be added together and guaranteed up to fifty thousand
dollars ($50,000) in the aggregate, separately from other investment
certificates of the trustee of such trust funds or the settlor or
beneficiary of such trust arrangements.
   (h) Thrift obligations withdrawn by checks that have not cleared a
member's bank account at the time the commissioner has taken
possession of the property and business of a member. The owner of the
funds represented by such a check shall be recognized for all
purposes of a claim for guaranteed thrift obligations to the same
extent as if his or her name and interest were disclosed on the
records of the member.



18525.  Notwithstanding any other provision of this division,
Guaranty Corporation, with the written consent of the commissioner,
shall have the power to assume obligations, enter into contracts,
including contracts of guarantee or suretyship, incur liabilities,
borrow money, lend money or otherwise use its credit, and secure any
of its obligations, contracts, or liabilities by mortgage, pledge,
security interest, or other encumbrances of all or any part of its
property and assets, including, but not limited to, income from
assessments of members or rights thereto, and income.


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