Iowa § 523.9 Penalty for selling stock not directly owned by seller

Iowa Statutes

§ 523.9 — Penalty for selling stock not directly owned by seller

Iowa § 523.9

Title XIIICOMMERCE

Ch. 523ELECTIONS AND INSIDER TRADING

This text of Iowa § 523.9 (Penalty for selling stock not directly owned by seller) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 523.9 (2026).

Text

It shall be unlawful for any such beneficial owner, director or officer, directly or indirectly,
to sell any equity security of such company if the person selling the security or the person’s
principal does not own the security sold, or if owning the security, does not deliver it against
such sale within twenty days thereafter, or does not within five days after such sale deposit it
in the mails or other usual channels of transportation; but no person shall be deemed to have
violated this section if the person proves that notwithstanding the exercise of good faith the
person was unable to make such delivery or deposit within such time, or that to do so would
cause undue inconvenience or expense.

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It shall be unlawful for any such beneficial owner, director or officer, directly or indirectly,
to sell any equity security of such company if the person selling the security or the person’s
principal does not own the security sold, or if owning the security, does not deliver it against
such sale within twenty days thereafter, or does not within five days after such sale deposit it
in the mails or other usual channels of transportation; but no person shall be deemed to have
violated this section if the person proves that notwithstanding the exercise of good faith the
person was unable to make such delivery or deposit within such time, or that to do so would
cause undue inconvenience or expense.