Section 55-8-111 – 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 act and affects another party who does not consent to the rule. History: 1978 Comp., § 55-8-111, enacted by Laws 1996, ch. 47, § […]
Section 55-8-112 – Creditor’s legal process.
(a) 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 […]
Section 55-8-113 – 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 year of its making. History: 1978 […]
Section 55-8-114 – Evidentiary rules concerning certificated securities.
The following rules apply in an action on a certificated security against the issuer: (1) unless specifically denied in the pleadings, each signature on a security certificate or in a necessary indorsement is admitted; (2) if the effectiveness of a signature is put in issue, the burden of establishing effectiveness is on the party claiming […]
Section 55-8-115 – 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 […]
Section 55-8-116 – 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 […]
Section 55-8-110 – Applicability; choice of law.
(a) The local law of the issuer’s jurisdiction, as specified in Subsection (d) of this section, governs: (1) the validity of a security; (2) the rights and duties of the issuer with respect to registration of transfer; (3) the effectiveness of registration of transfer by the issuer; (4) whether the issuer owes any duties to […]
Section 55-8-101 – Short title.
Chapter 55, Article 8 NMSA 1978 may be cited as the “Uniform Commercial Code – Investment Securities”. History: 1978 Comp., § 55-8-101, enacted by Laws 1996, ch. 47, § 5. ANNOTATIONS Purposes. This Article sets forth certain rights and duties of the issuers of and the parties that deal with investment securities, both certificated and […]