No action shall lie against any subscriber, upon any obligation made or incurred in the name of the exchange, until a final judgment has been obtained against the exchange and remains unsatisfied for thirty days.
Cal. Ins. Code § 1451
Suits
Applied in 2 court decisions — leading case 96 Cal. App. 2d 876 - CAL. STATE AUTO. ASSN. ETC. v. Downey (1950)
Most recently applied in 96 Cal. App. 2d 876 - California State Automobile Ass'n Inter-Insurance Bureau v. Downey (April 1950)
Enacted by Stats. 1935, Ch. 145.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.