Delaware § 1159 Disposal of securities [For application of this section, see 83 Del. Laws, c. 346, § 12]

Delaware Statutes

§ 1159 — Disposal of securities [For application of this section, see 83 Del. Laws, c. 346, § 12]

Delaware·Title 12·Part Descent and Distribution; Escheat·Ch. 11 ESCHEATS·Subch. Unclaimed Property

If a security is delivered to the State Escheator under this chapter on or after July 1, 2017, the State Escheator shall, subject to § 1150 of this title, sell the security on any established stock exchange or by such other means as the State Escheator deems advisable as soon as the State Escheator deems practicable after the delivery. The State Escheator 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. The State Escheator may sell a security not listed on an established exchange by any commercially-reasonable method.

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If a security is delivered to the State Escheator under this chapter on or after July 1, 2017, the State Escheator shall, subject to § 1150 of this title, sell the security on any established stock exchange or by such other means as the State Escheator deems advisable as soon as the State Escheator deems practicable after the delivery. The State Escheator 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. The State Escheator may sell a security not listed on an established exchange by any commercially-reasonable method.

Delaware § 1159 (Disposal of securities [For application of this section, see 83 Del. Laws, c. 346, § 12]) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.