) Stocks, bonds, voting trust certificates, stock warrants or subscription rights, or any other similar securities which are the property of an estate, may be sold and title thereto passed without the necessity for confirmation of such sale by the Superior Court, if the personal representative first obtains an order of the Superior Court authorizing such sale. A petition for such an order shall be filed with the Clerk of the Superior Court, who shall set the same for hearing, and notice thereof

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shall be given in the manner provided in Section 3401 of this Title; but the Superior Court may order the notice to be given for a shorter period than that provided in Section 3401 of this Title, or dispensed with. The order referred to hereinabove shall fix the terms and conditions of sale, and when the minimum selling price is fixed or when such securities are to be sold upon an established stock or bond exchange, or surrendered for redemption or conversion, no notice of sale or of such redemption or conversion need be given.
(b) If a person dies having sold, but not delivered, securities or commodities not owned by such person, the personal representative may purchase such securities or commodities as are required to perform such incomplete contract of sale, if the personal representative first obtains an order of the Superior Court authorizing such purchase. A petition for such an order shall be filed with the Clerk of the Superior Court of Guam, who shall set the same for hearing, and notice thereof shall be given in the manner provided in Section 3401 of this Title; but the Superior Court may order the notice to be given for a shorter period than that required by Section 3401 of this Title, or dispensed with. The order referred to hereinabove shall fix the terms and conditions of purchase, and when the maximum purchase price is fixed or when such securities or commodities are to be purchased upon an established stock, bond or commodity exchange, no notice need be given.
(c) Notwithstanding the provisions of subsection (a) of this Section, in the event that an estate, by reason of its ownership of shares of stock, bonds, or other securities, shall also own or receive subscription rights for the purchase of additional securities, the personal representative may, without obtaining approval of the Superior Court, sell such subscription rights either in whole or in part.

SOURCE: Subsection (a): Probate Code of Guam (1970), § 771; California Probate Code, § 771 (as amended through 1941 and in 1951); Guam Law Revision Commission. Subsection (b): California Probate Code, § 771.3. Subsection (c): California Probate Code, § 771.5.

COMMENT: Section 2333 brings together all necessary provisions dealing with the sale (or purchase, in the event of a short sale) of stocks, bonds, commodities and other securities. The Section’s provisions are grounded in common sense, given
that the prices for securities and commodities are Afixed@ by the market itself (i.e.,
there is no great likelihood that the personal representative can sell shares of stock for much more than the price at which such shares are being traded on an
exchange,) and given that the personal representative should have the flexibility to

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sell or purchase such securities or commodities at the most advantageous price available through such an exchange.