US Lawyer Database

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 55-8-201 – Issuer.

(a) With respect to an obligation on or a defense to a security, an “issuer” includes a person that: (1) places or authorizes the placing of its name on a security certificate, other than as authenticating trustee, registrar, transfer agent or the like, to evidence a share, participation or other interest in its property or […]

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 55-8-111 – 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 55-8-203 – Staleness as notice of defect or defense.

After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security is to be presented or surrendered for redemption or exchange, a purchaser is charged with notice of […]

Section 55-8-102 – Definitions.

(a) In this article: (1) “adverse claim” means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer or deal with the financial asset; (2) “bearer form”, as applied to a certificated security, means […]