Section 7-8-404 – Wrongful Registration.
Section 7-8-404 Wrongful registration. (a) Except as otherwise provided in Section 7-8-406, an issuer is liable for wrongful registration of transfer if the issuer has registered a transfer of a security to a person not entitled to it, and the transfer was registered: (1) pursuant to an ineffective indorsement or instruction; (2) after a demand […]
Section 7-8-602 – Repeals.
Section 7-8-602 Repeals. This act repeals Sections 8-6-70 through 8-6-80, cited as the Uniform Act for Simplification of Fiduciary Security Transfers. (Acts 1996, No. 96-742, p. 1241, §1.)
Section 7-8-405 – Replacement of Lost, Destroyed, or Wrongfully Taken Security Certificate.
Section 7-8-405 Replacement of lost, destroyed, or wrongfully taken security certificate. (a) If an owner of a certificated security, whether in registered or bearer form, claims that the certificate has been lost, destroyed, or wrongfully taken, the issuer shall issue a new certificate if the owner: (1) so requests before the issuer has notice that […]
Section 7-8-603 – Savings Clause.
Section 7-8-603 Savings clause. (a) This act does not affect an action or proceeding commenced before this act takes effect. (b) If a security interest in a security is perfected at the date this act takes effect, and the action by which the security interest was perfected would suffice to perfect a security interest under […]
Section 7-8-406 – Obligation to Notify Issuer of Lost, Destroyed, or Wrongfully Taken Security Certificate.
Section 7-8-406 Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate. If a security certificate has been lost, apparently destroyed, or wrongfully taken, and the owner fails to notify the issuer of that fact within a reasonable time after the owner has notice of it and the issuer registers a transfer of […]
Section 7-8-407 – Authenticating Trustee, Transfer Agent, and Registrar.
Section 7-8-407 Authenticating trustee, transfer agent, and registrar. A person acting as authenticating trustee, transfer agent, registrar, or other agent for an issuer in the registration of a transfer of its securities, in the issue of new security certificates or uncertificated securities, or in the cancellation of surrendered security certificates has the same obligation to […]
Section 7-8-501 – Securities Account; Acquisition of Security Entitlement From Securities Intermediary.
Section 7-8-501 Securities account; acquisition of security entitlement from securities intermediary. (a) “Securities account” means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the […]
Section 7-8-502 – Assertion of Adverse Claim Against Entitlement Holder.
Section 7-8-502 Assertion of adverse claim against entitlement holder. An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquired a security entitlement with respect to such financial asset under Section 7-8-501 for value […]
Section 7-8-503 – Property Interest of Entitlement Holder in Financial Asset Held by Securities Intermediary.
Section 7-8-503 Property interest of entitlement holder in financial asset held by securities intermediary. (a) To the extent necessary for a securities intermediary to satisfy all security entitlements with respect to a particular financial asset, all interests in that financial asset held by the securities intermediary are held by the securities intermediary for the entitlement […]
Section 7-8-504 – Duty of Securities Intermediary to Maintain Financial Asset.
Section 7-8-504 Duty of securities intermediary to maintain financial asset. (a) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it has established in favor of its entitlement holders with respect to that financial asset. The securities intermediary may maintain those […]