§ 75-8-108. Warranties in direct holding
A person who transfers a certificated security to a purchaser for value warrants to the purchaser, and an indorser, if the transfer is by indorsement, warrants to any subsequent purchaser, that: The certificate is genuine and has not been materially altered; The transferor or indorser does not know of any fact that might impair the […]
§ 75-8-109. Warranties in indirect holding
A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that: The entitlement order is made by an appropriate person, or if the entitlement order is by an agent, the agent has actual authority to act on behalf of the appropriate person; and There is no adverse claim to […]
§ 75-8-110. Applicability; choice of law
The local law of the issuer’s jurisdiction, as specified in subsection (d), governs: The validity of a security; The rights and duties of the issuer with respect to registration of transfer; The effectiveness of registration of transfer by the issuer; Whether the issuer owes any duties to an adverse claimant to a security; and Whether […]
§ 75-8-111. Clearing corporation rules
A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing corporation is effective even if the rule conflicts with this chapter and affects another party who does not consent to the rule.
§ 75-8-112. Creditor’s legal process
The interest of a debtor in a certificated security may be reached by a creditor only by actual seizure of the security certificate by the officer making the attachment or levy, except as otherwise provided in subsection (d). However, a certificated security for which the certificate has been surrendered to the issuer may be reached […]
§ 75-8-113. Statute of frauds inapplicable
A contract or modification of a contract for the sale or purchase of a security is enforceable whether or not there is a writing signed or record authenticated by a party against whom enforcement is sought, even if the contract or modification is not capable of performance within one (1) year of its making.
§ 75-8-114. Evidentiary rules concerning certificated securities
The following rules apply in an action on a certificated security against the issuer: Unless specifically denied in the pleadings, each signature on a security certificate or in a necessary indorsement is admitted. If the effectiveness of a signature is put in issue, the burden of establishing effectiveness is on the party claiming under the […]
§ 75-8-115. Securities intermediary and others not liable to adverse claimant
A securities intermediary that has transferred a financial asset pursuant to an effective entitlement order, or a broker or other agent or bailee that has dealt with a financial asset at the direction of its customer or principal, is not liable to a person having an adverse claim to the financial asset, unless the securities […]
§ 75-8-116. Securities intermediary as purchaser for value
A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of an entitlement holder is a purchaser for value of the financial asset. A securities intermediary that acquires a security entitlement to a financial asset from another securities intermediary acquires the security entitlement for value if […]
§ 75-8-104. Acquisition of security or financial asset or interest therein
A person acquires a security or an interest therein, under this chapter, if: The person is a purchaser to whom a security is delivered pursuant to Section 75-8-301; or The person acquires a security entitlement to the security pursuant to Section 75-8-501. A person acquires a financial asset, other than a security, or an interest […]