Michigan § 500.5284 - Securities not owned; sale; failure to deliver to transferee; exception.
Full text of Michigan Michigan Compiled Laws § 500.5284 — Securities not owned; sale; failure to deliver to transferee; exception., with citation guidance and answers to common questions.
§ 500.5284. Securities not owned; sale; failure to deliver to transferee; exception.
It is unlawful for any beneficial owner, director or officer, directly or indirectly, to sell any equity security of the company if he does not own the security sold, or if owning the security, does not deliver the security to the transferee within 20 days after the sale, or does not within 5 days after the sale deposit it in the mails or other usual channels of transportation. No person shall be deemed to have violated this section if he proves that notwithstanding the exercise of good faith he was unable to make the delivery or deposit within such time, or that to do so would cause undue inconvenience or expense.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 500.5284
What does Michigan Compiled Laws § 500.5284 cover?
Section 500.5284 ("Securities not owned; sale; failure to deliver to transferee; exception.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 500.5284?
A common citation format is "Michigan Compiled Laws § 500.5284" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 500.5284 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.