RegistrationQuestion 26 of 100
Which of the following would be considered a 'sale' under the Uniform Securities Act?
a.A bona fide gift of fully paid, nonassessable stock to a family member
b.A gift of assessable stock
c.A stock dividend for which shareholders give up nothing of value
d.A pledge of securities as loan collateral that is never foreclosed
Explanation
The act treats a gift of assessable stock as a sale because the recipient takes on a potential future obligation, which functions as consideration. A bona fide gift of nonassessable stock involves no value given and is not a sale, and a stock dividend for which nothing is surrendered is likewise excluded. A pledge creates a security interest rather than a transfer of ownership for value.
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