Utah Code 67-4a-702. Disposal of securities
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(1) The administrator may not sell or otherwise liquidate a security until three years after the administrator receives the security and gives the apparent owner notice under Section 67-4a-503 that the administrator holds the security.
Terms Used In Utah Code 67-4a-702
- Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
- Owner: includes :(26)(b)(i) a depositor, for a deposit;(26)(b)(ii) a beneficiary, for a trust other than a deposit in trust;(26)(b)(iii) a creditor, claimant, or payee, for other property; and(26)(b)(iv) the lawful bearer of a record that may be used to obtain money, a reward, or a thing of value. See Utah Code 67-4a-102
- Security: means :
(32)(a) a security as defined in Revised Article 8 of the Uniform Commercial Code; or(32)(b) a security entitlement as defined in Revised Article 8 of the Uniform Commercial Code, including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not:(32)(b)(i) registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets;(32)(b)(ii) payable to the order of the person;(32)(b)(iii) specifically endorsed to the person; or(32)(b)(iv) an equity interest in a business association not included in this Subsection (32). See Utah Code 67-4a-102(2) The administrator may not sell a security listed on an established stock exchange for less than the price prevailing on the exchange at the time of sale.(3) The administrator may sell a security not listed on an established exchange by any commercially reasonable method. - Security: means :