California Probate Code 9737 – (a) If an estate by reason of owning securities also owns or …
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(a) If an estate by reason of owning securities also owns or receives subscription rights for the purchase of additional securities, the personal representative may exercise the subscription rights after authorization by order of court upon a showing that it is to the advantage of the estate.
(b) To obtain an order under this section, the personal representative or any interested person shall file a petition stating the nature of the subscription rights and the advantage to the estate of exercising them.
Terms Used In California Probate Code 9737
- interested person: includes any of the following:
California Probate Code 48
- Personal representative: means executor, administrator, administrator with the will annexed, special administrator, successor personal representative, public administrator acting pursuant to Section 7660, or a person who performs substantially the same function under the law of another jurisdiction governing the person's status. See California Probate Code 58
(c) Notice of the hearing on the petition shall be given as provided in Section 1220.
(Enacted by Stats. 1990, Ch. 79.)