No filing of the premium finance agreement shall be necessary to perfect the validity of such agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrances, successors or assigns of the insured.
Cal. Fin. Code § 18591
General
Known as the Industrial Loan Law
The act spans §§ 18000–18707 (410 sections).
Applied in 2 court decisions — leading case A-I Credit Corp. v. Big Squaw Mountain Corp. (In Re Big Squaw Mountain Corp.) (1990)
Most recently applied in AICCO, Inc. v. Lisowski (In Re Silver State Helicopters, LLC) (March 2009)
Added by Stats. 1976, Ch. 964.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.