Los Angeles County Municipal Code Ch. 4.36 Assignment of Savings and Loan Certificates and Shares

A.

As used in this chapter, the words "insured institutions" mean an insured institution as defined in Title IV of the National Housing Act (Title 12, United States Code, Sections 1724, et seq.).

B.

Whenever Ordinance 4099 or any other ordinance permits the deposit and assignment of savings and loan certificates or shares, it shall be deemed to refer only to:

Investment certificates issued by associations which are insured institutions;

Shares issued by an association issuing no investment certificates, which is an insured institution;

Shares issued by any duly chartered federal savings and loan association which is an insured institution.

(Ord. 7845 § 2 (part), 1960: Ord. 4099 Art. 3-E § 93.96, 1942.)

Neither investment certificates nor shares may be so deposited or assigned to the county unless:

A.

The amount or deposit with the savings and loan association to be assigned is fully and completely insured by the Federal Savings and Loan Insurance Corporation; and

B.

The owner of such investment certificates or shares assigns them to the county, and at the same time assigns to the county so much of the insurance on the account by the Federal Savings and Loan Insurance Corporation as will fully and completely insure the amount assigned;

C.

The owner of such investment certificates or shares agrees that the county may redeem, collect and withdraw the full amount represented by such investment certificates or shares at any time without notice to the assignor; and

D.

When assigned, such investment certificates or shares shall be free and clear of all prior liens, encumbrances, holds, claims or obligations; and

E.

The savings and loan association shall state in writing that the assignor's account is fully insured by the Federal Savings and Loan Insurance Corporation and that it has received no notice of any lien, encumbrance, hold, claim or obligation of the account prior to the assignment to the county; and

F.

The savings and loan association agrees to make payment to the county upon request in accordance with the savings and loan laws applicable to it.

(Ord. 7845 § 2 (part), 1960: Ord. 4099 Art. 3-E § 93.97, 1942.)

The savings and loan association shall pay all dividends, interest or other earnings of any account represented by such assigned investment certificates or shares to the assignor until otherwise notified in writing by the appropriate officer of the county.

(Ord. 7845 § 2 (part), 1960: Ord. 4099 Art. 3-F § 93.98, 1942.)

The assignment, agreement by assignor, statement of, and agreement of, the savings and loan association, and the name of the appropriate county officer shall be in substantially the following form:

ASSIGNMENT

SECURITY FOR: ____________________________________________ hereinafter called ASSIGNOR, whose principal place of business is __________(Street) __________ (City) do (does) hereby assign, and set over to the County of Los Angeles, all right, title, and interest of whatever nature, of assignor, in and to the insured account of assignor in the _________________________ (Name of Savings and Loan Association) evidenced by a FULLY PAID CERTIFICATE (or SHARE or SHARES) in the amount of $ numbered __________, which is delivered to the County of Los Angeles herewith. Assignor agrees that this assignment carries with it the right in the insurance of the account by the Federal Savings and Loan Insurance Corporation, and includes and gives the right to the County of Los Angeles to redeem, collect, and withdraw the full amount of such account at any time WITHOUT NOTICE TO ASSIGNOR. This assignment is given as security for liability for _____, including interest and penalties, and to insure compliance with the applicable Part or Parts of County of Los Angeles Ordinance No., as amended, and Article III E of Ordinance No. 4099, the Administrative Code of the County of Los Angeles.

Assignor hereby notifies the above-named Savings and Loan Association of this assignment.

Dated this _____ day of _____, 19.

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Editor's note— Ord. 4099 Art. III E is set out at Chapter 4.36 of this code.

RECEIPT FOR NOTICE OF ASSIGNMENT

Receipt is hereby acknowledged to the County of Los Angeles of written notice of the Assignment of said County of the account and Certificate (or Share or Shares) identified above. We have noted in our records the County's interest in said account as shown by the above assignment and have retained a copy of this sheet. We certify that this account is fully insured by the Federal Savings and Loan Insurance Corporation and that we have received no notice of any lien, encumbrance, hold, claim, or obligation of the above-identified account prior to the assignment to the County of Los Angeles.

We agree to make payment to the County of Los Angeles upon request in accordance with the savings and loan laws applicable to this association.

Dated this ____________ day of __________, 19.

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Name of Savings and Loan Association

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Street City

By _____   Name and Title of Officer

RECEIPT FOR CERTIFICATE (or SHARE or SHARES) AND DIRECTION TO PAY EARNINGS

Receipt is acknowledged of the above assignment and the Certificate (or share or shares) identified in the above assignment. The savings and loan association named in the above assignment is hereby authorized and directed to pay any earnings on

the above-identified account to the above-named assignor until otherwise notified in writing by the ________________ of the County of Los Angeles.

Dated this _____________ day of ___, 19.

COUNTY OF LOS ANGELES By _____   Authorized Officer or Employee

(Ord. 7845 § 2 (part), 1960: Ord. 4099 Art. 3-E § 9399 1942.)