“Trust obligation” means:
(a) All money and property deposited with a member within the State of California in an escrow or joint control transaction.
(b) All money and property deposited with a member to be held in trust within the State of California pursuant to a federal or state statute or requirements of a governmental agency.
(Amended by Stats. 2001, Ch. 662, Sec. 1. Effective January 1, 2002.)
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