752-6          STOCKS, BONDS, AND SECURITIES

All bonds (United States Government savings bonds or treasury notes, municipal or government bonds, or corporate bonds), all stocks (common or preferred shares of business organizations), and securities which are not otherwise exempt will be counted against the resource limit.

The value will be the current market value less any legal encumbrances. Stocks and certain types of bonds fluctuate in market value daily. In determining the value of such holdings, the caseworker should use the lowest market quotation of the 30 day period preceding the date of the eligibility determination. If a sum is charged to sell a stock, bond, or security, this fee is considered a legal encumbrance. It is subtracted from the gross quotation.

Not all stocks and bonds are automatically salable. The nature of an encumbrance against them may prohibit their sale, in which case they are not available and cannot be counted. Trading in certain stocks and bonds may be suspended for a period of time, or certain stocks in smaller companies may be technically salable but lack any buyers at a fair market value. Availability principles apply.