Any bank, trust company, or financial institution owning or possessing alcoholic beverages or warehouse receipts therefor as security for an obligation or as a result of enforcement of a security interest may, after permission has been given by the department, sell the alcoholic beverages or warehouse receipts to a licensee authorized to sell for resale such alcoholic beverages or such warehouse receipts.
Cal. Bus. & Prof. Code § 23101
Authorized Unlicensed Transactions and Exemptions
Known as the Alcoholic Beverage Control Act
The act spans §§ 23000 to 25762 (737 sections).
Amended by Stats. 1965, Ch. 865.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.