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 7-8-109 – Warranties in Indirect Holding.
Section 7-8-109 Warranties in indirect holding. (a) A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that: (1) 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 […]
Section 7-8-209 – Issuer’s Lien.
Section 7-8-209 Issuer’s lien. A lien in favor of an issuer upon a certificated security is valid against a purchaser only if the right of the issuer to the lien is noted conspicuously on the security certificate. (Acts 1996, No. 96-742, p. 1241, §1.)
Section 7-8-110 – Applicability; Choice of Law.
Section 7-8-110 Applicability; choice of law. (a) The local law of the issuer’s jurisdiction, as specified in subsection (d), 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 […]
Section 7-8-210 – Overissue.
Section 7-8-210 Overissue. (a) In this section, “overissue” means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue does not occur if appropriate action has cured the overissue. (b) Except as otherwise provided in subsections (c) and (d), the provisions of this article which validate […]
Section 7-8-111 – Clearing Corporation Rules.
Section 7-8-111 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 title and affects another party who does not consent to the rule. (Acts 1996, No. 96-742, p. 1241, §1.)
Section 7-8-301 – Delivery.
Section 7-8-301 Delivery. (a) Delivery of a certificated security to a purchaser occurs when: (1) the purchaser acquires possession of the security certificate; (2) another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of the purchaser or, having previously acquired possession of the certificate, acknowledges that it holds […]
Section 7-8-112 – Creditor’s Legal Process.
Section 7-8-112 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 […]
Section 7-8-302 – Rights of Purchaser.
Section 7-8-302 Rights of purchaser. (a) Except as otherwise provided in subsections (b) and (c), a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer. (b) A purchaser of a limited interest acquires rights only to the extent of the interest purchased. […]