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CALIFORNIA CORPORATE & SECURITIES LAW

State Controller Defeats Judgment Creditor’s Claim To Escheated Funds

Here is the question: Can a judgment creditor can enforce an assignment issued pursuant to the Enforcement of Judgments Law (CCP § 680.10 et seq.) for escheated property pursuant to the Unclaimed Property Law (CCP § 1500 et seq.) when the judgment debtor is a suspended corporation pursuant to the Revenue & Taxation Code §…

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Suspension By The Franchise Tax Board

Yesterday’s post concerned the two circumstances in which the Secretary of State might suspend a corporation.  The California Franchise Tax Board will suspend a corporation if it fails to pay taxes, penalties, fees or interest (Cal. Rev. & Tax. Code § 23301) or fails to file a return (Cal. Rev. & Tax. Code § 23301.5). These…

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Court Holds Corporation “Coulda, Shoulda” Revived Itself

California law provides that a domestic corporation that fails to pay certain taxes and penalties may have its corporate rights and privileges suspended.  Cal. Rev. & Tax. Code § 23301.  While suspended, a corporation may not prosecute or defend an action or even appeal from an adverse judgment.  A corporation can regain its powers by filing…

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