(

a) Notwithstanding

Section of the Commercial Code and

Section 700.130 of the Code of Civil Procedure, when a local child support agency pursuant to

Section 17522, or the department pursuant to

Section or 17500, issues a levy upon, or requires by notice any employer, person, political officer or entity, or depository institution to withhold the amount of, as applicable, a financial asset for the purpose of collecting a delinquent child support obligation, the person, financial institution, or securities intermediary (as defined in

Section of the Commercial Code) in possession or control of the financial asset shall liquidate the financial asset in a commercially reasonable manner within days of the issuance of the levy or the notice to withhold. Within five days of liquidation, the person, financial institution, or securities intermediary shall transfer to the State Disbursement Unit, established under

Section 17309, the proceeds of the liquidation, less any reasonable commissions or fees, or both, which are charged in the normal course of business. (

b) If the value of the financial assets exceed the total amount of support due, the obligor may, within days after the service of the levy or notice to withhold upon the person, financial institution, or securities intermediary, instruct the person, financial institution, or securities intermediary who possesses or controls the financial assets as to which financial assets are to be sold to satisfy the obligation for delinquent support.

If the obligor does not provide instructions for liquidation, the person, financial institution, or securities intermediary who possesses or controls the financial assets shall liquidate the financial assets in a commercially reasonable manner and in an amount sufficient to cover the obligation for delinquent child support, and any reasonable commissions or fees, or both, which are charged in the normal course of business, beginning with the financial assets purchased most recently. (

c) For the purposes of this section, a financial asset shall include, but not be limited to, an uncertificated security, certificated security, or security entitlement (as defined in

Section of the Commercial Code), security (as defined in

Section of the Commercial Code), or a securities account (as defined in

Section of the Commercial Code).