44-1876. Escrow of certain securities;
restrictive sales agreement
A. Except as provided in section 44-1901, as a condition to registration of
securities under this chapter, the commission may in its discretion by order require that
securities issued for or which are intended to be issued for a patent right, copyright,
trademark, process, formula, goodwill, option, lease, assignment, service, or other
intangible asset, or for fees or expenses in connection with the promotion or
organization of the issuer, shall be subject to a restrictive sales agreement or shall be
deposited in escrow in some depository satisfactory to the commission under an escrow
agreement subject to the orders of the commission as to withdrawal or termination, and
whereby the owners of the securities shall not be entitled to sell or transfer the
securities without the consent of the commission. Any security that is subject to a
restrictive sales agreement shall have a legend on the back of the security that states
that the security is subject to a restrictive sales agreement.
B. In the event of dissolution or insolvency of the issuer during the time such
securities are held in escrow, the owners of the securities shall not participate in any
distribution of assets until after the owners of all other securities have been paid in
full.
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