Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2010
 

Tax on Insurers Law

Chapter 4. Assessment and Effect of Tax*

Article 4. Effect of Tax

Section 12494

12494. Removal of lien. (a) No judgment is satisfied nor lien removed until either:

deletion(1) The taxes, interest, penalties, and costs are paid.

deletion(2) The insurer's, deletionsurplus line broker's, or Medi-Cal managed care plan's property is sold for the payment thereof.

(b) This section shall remain in effect only until January 1, 2011, and as of that date is repealed.

History.—Added by Stats. 1941, Ch. 113, operative July 1, 1943. Stats. 1959, p. 1892, in effect April 1, 1959, added "interest" in subdivision (a). Stats. 2005, Ch. 231 (AB 1424), in effect January 1, 2006, added "or surplus line broker's" after "The insurer's" in subdivision (b). Stats. 2009, Ch. 157 (AB 1422), in effect September 22, 2009, designated first sentence as subdivision (a), redesignated former subdivisions (a) and (b) as paragraphs (1) and (2), respectively, deleted "or" and added a comma before "surplus line broker's", and added ", or Medi-Cal managed care plan's" before "property is sold" in subdivision (a); and added subdivision (b).

Text of section operative January 1, 2011

12494. Removal of lien. (a) No judgment is satisfied nor lien removed until either:

(1) The taxes, interest, penalties, and costs are paid.

(2) The insurer's or surplus line broker's property is sold for the payment thereof.

(b) This section shall become operative on January 1, 2011.

History.—Added by Stats. 2009, Ch. 157 (AB 1422), in effect September 22, 2009, but operative January 1, 2011.

* Stats. 1961, p. 1984, operative January 1, 1962, amended the title of Chapter 4 by substituting "Effect of Tax" for "Levy".