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.
Cal. Bus. & Prof. Code § 24074.2
Transfer of Licenses
Known as the Alcoholic Beverage Control Act
The act spans §§ 23000–25762 (737 sections).
Added by Stats. 1967, Ch. 1494.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.