Section 7-8-510 – Rights of Purchaser of Security Entitlement From Entitlement Holder.
Section 7-8-510 Rights of purchaser of security entitlement from entitlement holder. (a) In a case not covered by the priority rules in Article 9A or the rules stated in subsection (c), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or […]
Section 7-8-402 – Assurance That Indorsement or Instruction Is Effective.
Section 7-8-402 Assurance that indorsement or instruction is effective. (a) An issuer may require the following assurance that each necessary indorsement or each instruction is genuine and authorized: (1) in all cases, a guaranty of the signature of the person making an indorsement or originating an instruction including, in the case of an instruction, reasonable […]
Section 7-8-511 – Priority Among Security Interests and Entitlement Holders.
Section 7-8-511 Priority among security interests and entitlement holders. (a) Except as otherwise provided in subsections (b) and (c), if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor […]
Section 7-8-403 – Demand That Issuer Not Register Transfer.
Section 7-8-403 Demand that issuer not register transfer. (a) A person who is an appropriate person to make an indorsement or originate an instruction may demand that the issuer not register transfer of a security by communicating to the issuer a notification that identifies the registered owner and the issue of which the security is […]
Section 7-8-601 – Effective Date.
Section 7-8-601 Effective date. This act takes effect January 1, 1996. (Acts 1996, No. 96-742, p. 1241, §1.)
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 […]