Tennessee § 66-29-142 Disposal of securities

Tennessee Statutes

§ 66-29-142 — Disposal of securities

Tennessee § 66-29-142

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This text of Tennessee § 66-29-142 (Disposal of securities) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 66-29-142 (2026).

Text

(a)The treasurer shall sell or otherwise liquidate a security no sooner than thirty-two (32) months, but no later than thirty-six (36) months, after receiving the security and giving the apparent owner notice under § 66-29-130(b)(1) and (2) that the treasurer holds the security.

(b)The treasurer shall not sell a security listed on an established stock exchange for less than the prevailing price on the exchange at the time of sale. The treasurer may sell a security not listed on an established exchange by any commercially reasonable method.

(c)(1) As used in this subsection, "de minimus value" means that the market value of a security held for any one (1) or more than one (1) person is less than five hundred dollars ($500) in the aggregate.

(2)Notwithstanding the timeframe for the liqui

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(a) The treasurer shall sell or otherwise liquidate a security no sooner than thirty-two (32) months, but no later than thirty-six (36) months, after receiving the security and giving the apparent owner notice under § 66-29-130(b)(1) and (2) that the treasurer holds the security. (b) The treasurer shall not sell a security listed on an established stock exchange for less than the prevailing price on the exchange at the time of sale. The treasurer may sell a security not listed on an established exchange by any commercially reasonable method. (c) (1) As used in this subsection, "de minimus value" means that the market value of a security held for any one (1) or more than one (1) person is less than five hundred dollars ($500) in the aggregate. (2) Notwithstanding the timeframe for the liquidation of a security provided in subsection (a), if the state treasurer determines a security to have a de minimus value, the treasurer may sell or otherwise liquidate a security no sooner than eight (8) months, but no later than twelve (12) months, after receiving the security and giving the apparent owner notice under § 66-29-130(b)(1) and (2) that the treasurer holds the security. (d) Notwithstanding subsection (a), the state treasurer may sell a security immediately after the treasurer takes custody of the security if the records of the holder do not reflect the identity of the person entitled to the security.

Legislative History

Amended by 2023 Tenn. Acts, ch. 191, s 1, eff. 4/24/2023. Amended by 2020 Tenn. Acts, ch. 718, s 1, eff. 6/22/2020. Added by 2017 Tenn. Acts, ch. 457, s 1, eff. 7/1/2017.