Delaware Code Title 12 Sec. 1159 – Disposal of securities
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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.
Terms Used In Delaware Code Title 12 Sec. 1159
- Security: means any of the following:
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Delaware Code Title 12 Sec. 1130
- State Escheator: means the person responsible for the administration and enforcement of this chapter, as established by § 1102 of this title and § 363 of Title 30. See Delaware Code Title 12 Sec. 1130