2010 Georgia Code
TITLE 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES
CHAPTER 8 - INVESTMENTS, SALES, AND CONVEYANCES
ARTICLE 2 - SALES AND CONVEYANCES
PART 1 - GENERAL PROVISIONS
§ 53-8-37 - (Pre-1998 Probate Code) Private sale of stocks and bonds; price; petition; order; filing of statement(Pre-1998 Probate Code)

O.C.G.A. 53-8-37 (2010)
53-8-37. (Pre-1998 Probate Code) Private sale of stocks and bonds; price; petition; order; filing of statement(Pre-1998 Probate Code)


(a) Any guardian, administrator, executor, trustee, or other fiduciary may sell, at private sale, stocks or bonds held by him in his representative capacity where the stocks or bonds are either listed or admitted to unlisted trading privileges upon any stock exchange or quoted regularly in any newspaper or newspapers having a general circulation in this state. The sale price for the stocks or bonds shall be not less than the stock exchange bid price or the published bid price at the time of sale.

(b) The guardian, administrator, executor, trustee, or other fiduciary, before making such sale, shall make application to the probate court for an order to sell the stocks or bonds, describing same, which order shall issue on or after the application has been on file for a period of ten days and, after making such a sale, shall file with the probate court a statement showing the date of sale, the name of the purchaser, the stock exchange bid price or the published bid price at the time of sale, and the proceeds of the sale.

(c) The sale of securities other than those listed upon or admitted to unlisted trading privileges on any stock exchange shall be subject to an order of the judge of the probate court showing his approval or disapproval of the sale, within not less than three nor more than five days from the date of the sale. The filing with the judge of the probate court of the statement showing the date of sale, the name of the purchaser, the stock exchange bid price or the published bid price at the time of sale, and the proceeds of the sale shall be sufficient on sales of securities listed upon or admitted to unlisted trading privileges upon any stock exchange, without any order of the probate court confirming the sale.