§ 40.303. Accounting for Real Property Held for Sale.
10 CA ADC § 40.303Barclays Official California Code of Regulations
10 CCR § 40.303
§ 40.303. Accounting for Real Property Held for Sale.
(a) The title to any property acquired by foreclosure or by deed in lieu of foreclosure must be in the name of the industrial loan company, and the deed immediately recorded. The property shall be accounted for in the appropriate real property held for sale account. Subsidiary ledger accounts shall be maintained for each individual property. In accounting for the property, the amount at which it shall be carried on the books of the company shall include the following:
Credits
Note: Authority cited: Section 18347, Financial Code. Reference: Section 18041, Financial Code.
History
1. Change without regulatory effect renumbering former section 1135 to new section 40.303 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).
This database is current through 4/26/24 Register 2024, No. 17.
Cal. Admin. Code tit. 10, § 40.303, 10 CA ADC § 40.303
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