It is unlawful for any such beneficial owner, director or officer, directly or indirectly,
to sell any equity security of such insurer if the person selling the security or
the principal of the person:
1. Does not own the security sold; or
2. If the owner of the security, does not deliver it against such sale within 20 days
thereafter, or does not within 5 days after such sale deposit it in the mails or other
usual channels of transportation,
but 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, or that to do so would cause undue inconvenience or expense.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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