Guam § 2333 - Sales of Personal Property: Stocks, Bonds and Other

§ 2333. Sales of Personal Property: Stocks, Bonds and Other

Securities: Sale Without Confirmation; Notice Shortened or

Dispensed With by Order; Completion of Incomplete Short Sale;

Sale of Subscription Rights.

(a) 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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CH. 23 PERSONAL REPRESENTATIVE’S DEALINGS WITH ESTATE PROPERTY

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.