20 NCAC 01H .0402. SALE OF SECURITIES AFTER DEFAULT

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When, pursuant to the duly adopted rules of the applicable agency, the trust has received a request for delivery of cash from the deposit in excess of the amount of cash deposited, the trustee shall sell as much of the securities as are needed to provide the total amount of cash necessary. The trustee may consult with the participant about the securities to be sold. The trustee may sell, at his sole discretion, all or part of any specific issue of securities to be sold.

History Note: Authority G.S. 147‑78.1;

Eff. December 1, 1985.

                    
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