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Florida Statutes Title XXXVII. Insurance § 625.77. Unlawful to sell equity security not owned;  delayed delivery

Current as of January 01, 2023 | Updated by FindLaw Staff

(1) It is unlawful for any person reporting securities under s. 625.75 to sell, directly or indirectly, any equity security of a company named in such report if the person or the person's principal:

(a) Does not own the security sold;

(b) If owning the security, does not deliver it against such sale within 20 days thereafter;  or

(c) Does not within 5 days after such sale deposit it in the mails or other usual channels of transportation.

(2) No person shall be deemed to have violated this section if he or she proves that, notwithstanding the exercise of good faith, he or she was unable to make such delivery or deposit within such time.

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Cite this article: FindLaw.com - Florida Statutes Title XXXVII. Insurance § 625.77. Unlawful to sell equity security not owned;  delayed delivery - last updated January 01, 2023 | https://codes.findlaw.com/fl/title-xxxvii-insurance/fl-st-sect-625-77/

Read this complete Florida Statutes Title XXXVII. Insurance § 625.77. Unlawful to sell equity security not owned;  delayed delivery on Westlaw. Westlaw subscription required.

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