Section 10058 - Subrogation(a) The Authority will be subrogated to the rights of the Participating Financial Institution in collateral, personal guarantees and all other forms of security for the Qualified Loan including reimbursement claims that may be made with other government programs substantially similar to the Program including, but not limited to, other loan loss reserve or loan guarantee programs that have not been realized by the Participating Financial Institution, when the Participating Financial Institution's loss has been fully covered by payment of a loss claim, or by a combination of payment of a loss claim and recovery from the Borrower, liquidation of collateral, or from other sources.(b) At the time of subrogating its rights, the Participating Financial Institution shall provide the Authority with all original security agreements, any documents evidencing title to real property, certificates of title, guarantees, and any other documents representing security for the Qualified Loan, duly recorded and perfected, and accompanied by enforceable assignments and conveyances to the Authority, unless such security documents also secure indebtedness to the Participating Financial Institution which was not covered by the Qualified Loan. In such latter case, the Participating Financial Institution shall enter into an intercreditor agreement with the Authority, providing that the Participating Financial Institution shall be entitled to recover under such security documents, to the extent possible, the full amount of its loss on any indebtedness not covered by the Qualified Loan but secured by the same collateral as the Qualified Loan; the balance of any amounts recovered under such security documents shall be deposited in the Loss Reserve Account. The Participating Financial Institution shall provide monthly reports, and as requested by the Executive Director, concerning its activities in collecting moneys owed from a defaulted Borrower.(c) The Executive Director shall be authorized to enter into agreements with any Participating Financial Institution to provide for such institution to act as the Authority's agent to secure recovery under any agreement, collateral or security documents to which the Authority has been subrogated.Cal. Code Regs. Tit. 4, § 10058
1. New section filed 5-4-2012 as an emergency; operative 5-4-2012 (Register 2012, No. 18). Pursuant to Public Resources Code section 26131, this is a deemed emergency. A Certificate of Compliance must be transmitted to OAL by 10-31-2012 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 10-29-2012 as an emergency; operative 10-29-2012 (Register 2012, No. 44). Pursuant to Public Resources Code section 26131, this is a deemed emergency. A Certificate of Compliance must be transmitted to OAL by 1-28-2013 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 1-28-2013 as an emergency, with additional amendments to NOTE; operative 1-28-2013 (Register 2013, No. 5). Pursuant to Public Resources Code section 26131, this is a deemed emergency. A Certificate of Compliance must be transmitted to OAL by 4-29-2013 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 1-28-2013 order transmitted to OAL 4-23-2013 and filed 5-22-2013 (Register 2013, No. 21). Note: Authority cited: Section 26071, Public Resources Code. Reference: Sections 26073 and 26074, Public Resources Code.
1. New section filed 5-4-2012 as an emergency; operative 5-4-2012 (Register 2012, No. 18). Pursuant to Public Resources Code section 26131, this is a deemed emergency. A Certificate of Compliance must be transmitted to OAL by 10-31-2012 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 10-29-2012 as an emergency; operative 10-29-2012 (Register 2012, No. 44). Pursuant to Public Resources Code section 26131, this is a deemed emergency. A Certificate of Compliance must be transmitted to OAL by 1-28-2013 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 1-28-2013 as an emergency, with additional amendments to Note; operative 1-28-2013 (Register 2013, No. 5). Pursuant to Public Resources Code section 26131, this is a deemed emergency. A Certificate of Compliance must be transmitted to OAL by 4-29-2013 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 1-28-2013 order transmitted to OAL 4-23-2013 and filed 5-22-2013 (Register 2013, No. 21).