Utah Code 67-4a-702. Disposal of securities

67-4a-702. Disposal of securities.

(1)	The administrator may not sell or otherwise liquidate a security until three years after the administrator receives the security and gives the apparent owner notice under Section 67-4a-503 that the administrator holds the security.

Terms Used In Utah Code 67-4a-702

Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
Owner: includes :

(i)	a depositor, for a deposit;

(ii)	a beneficiary, for a trust other than a deposit in trust;

(iii)

a creditor, claimant, or payee, for other property; and

(iv)

the lawful bearer of a record that may be used to obtain money, a reward, or a thing of value. See Utah Code 67-4a-102

Security: means :

(a)	a security as defined in Revised Article 8 of the Uniform Commercial Code; or

(b)

a security entitlement as defined in Revised Article 8 of the Uniform Commercial Code, including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not:

(i)	registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets;

(ii)	payable to the order of the person;

(iii)

specifically endorsed to the person; or

(iv)	an equity interest in a business association not included in this Subsection (32). See Utah Code 67-4a-102
(2)	The administrator 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.

(3)	The administrator may sell a security not listed on an established exchange by any commercially reasonable method.

Repealed and Re-enacted by Chapter 371, 2017 General Session

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