(

a) On the death, insolvency or incompetency to act of a natural person who is a licensee, the privileges of the license may be exercised by a competent surviving colicensee for thirty (30) days or until an administrator, executor, guardian, conservator, receiver, trustee or assignee for the benefit of creditors of the estate of the deceased, incompetent or insolvent licensee has been appointed, whichever first occurs. If there is no competent surviving colicensee, the privileges of the license may be exercised by any person acting on behalf of the deceased or incompetent licensee or his estate. (

b) At the end of the period permitted by subsection (

a) of this

section the privileges of the license may be exercised for sixty (60) days without transfer and thereafter upon transfer by the administrator, executor, guardian, conservator, receiver, trustee or assignee for the benefit of creditors of the estate of the deceased, incompetent or insolvent licensee, acting jointly with any competent surviving colicensee if such joint action is required by law. The sixty (60) day period provided for in this subsection may be extended by the department for good cause. (

c) If prior to the expiration of the period permitted by subsection (

b) and any extension thereof there has been filed and is pending an application to transfer the license pursuant to

Section or otherwise, the persons exercising the privilege of the license under subsection (

b) may continue to do so until such application is finally granted or denied. (

d) If the license was issued to a taxpayer as defined in

Section of the Revenue and Taxation Code, the person exercising the privileges of the license hereunder shall be deemed to be a taxpayer and shall file an appropriate bond for the purposes of

Part 14 (commencing at

Section 32001) of Division of the Revenue and Taxation Code.