A person licensed under this chapter to conduct a horse racing meeting shall hold in trust the distributions required to be made pursuant to this chapter until the funds are paid to the various distributees. These required deductions, except for those that enure to the benefit of the racing association, are trust funds and shall not be used by the racing association for any purpose other than for payment to those distributees as directed by this chapter. These funds are not the property of the racing association, but are merely held in trust for the benefit of the statutory distributees until the funds are distributed to them in accordance with this chapter. These funds shall be held in a separate depository account until they are actually distributed as provided for in this chapter.
Cal. Bus. & Prof. Code § 19597.5
Wagering
Known as the Horse Racing Law
The act spans §§ 19400–19668 (334 sections).
Applied in 1 court decision — leading case Redrock Administrative Services LLC v. Magna Entertainment Corp. (In Re Magna Entertainment Corp.) (2010)
Most recently applied in Redrock Administrative Services LLC v. Magna Entertainment Corp. (In Re Magna Entertainment Corp.) (September 2010)
Added by Stats. 2009, Ch. 226, Sec. 2
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.