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California CodesBusiness and Professions Code - BPCDivision 9 — Alcoholic BeveragesChapter 6 — Issuance and Transfer of LicensesArticle 5 — Transfer of LicensesSection 24074.2

Any person desiring to act as an escrow holder under Section 24074 shall not release any funds in the escrow in exchange for a promissory note or in exchange for any other consideration of less value to the creditors than the funds exchanged.

Notes

Prohibits an escrow holder handling an alcoholic-beverage license transfer from releasing escrowed funds in exchange for a promissory note or any other consideration worth less to the creditors than the funds exchanged. The restriction applies specifically to persons acting as escrow holders under the referenced license-transfer escrow provision.

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Use as reference

Lexinter.net | California Code, Business and Professions Code - BPC § 24074.2 | https://laws.lexinter.net/codes/california/business-and-professions-code/division-9/chapter-6/article-5/section-24074-2

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