California Probate Code

§ 10200

PROB § 10200 Effective Jan 1, 2023Div. 7 · Part 5 · Ch. 18 · Art. 4

Statute text

(a)As used in this section, “securities” means “security” as defined in Section 70, land trust certificates, certificates of beneficial interest in trusts, investment trust certificates, mortgage participation certificates, or certificates of deposit for any of the foregoing, but does not include notes secured by a mortgage or deed of trust unless the note or notes have been authorized or permitted to be issued by the Commissioner of Financial Protection and Innovation or have been made by a public utility subject to the Public Utilities Act (Part 1 (commencing with Section 201) of Division 1 of the Public Utilities Code).

(b)After authorization by order of court, securities may be sold or may be surrendered for redemption or conversion. Title to the securities sold or surrendered as authorized by an order obtained under this section passes without the need for subsequent court confirmation.

(c)To obtain an order under this section, the personal representative or any interested person shall file a petition stating the terms and conditions and the advantage to the estate of the proposed sale or redemption or conversion. If the court authorizes the sale, redemption, or conversion, the court’s order shall fix the terms and conditions of sale, redemption, or conversion.

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Legislative history

Amended by Stats. 2022, Ch. 452, Sec. 207. (SB 1498) Effective January 1, 2023.