§ 11-8-110. Applicability; Choice of Law
The local law of the issuer’s jurisdiction, as specified in subsection (d) of this Code section, governs: The validity of a security; The rights and duties of the issuer with respect to registration of transfer; The effectiveness of registration of transfer by the issuer; Whether the issuer owes any duties to an adverse claimant to […]
§ 11-8-111. 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. Code 1981, § 11-8-111 , enacted by Ga. L. 1998, p. […]
§ 11-8-112. Creditor’s Legal Process
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) of this Code section. However, a certificated security for which the certificate has been surrendered to the […]
§ 11-8-113. 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. Code […]
§ 11-8-114. Evidentiary Rules Concerning Certificated Securities
The following rules apply in an action on a certificated security against the issuer: Unless specifically denied in the pleadings, each signature on a security certificate or in a necessary indorsement is admitted. If the effectiveness of a signature is put in issue, the burden of establishing effectiveness is on the party claiming under the […]
§ 11-8-115. 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 […]
§ 11-8-116. 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 […]
§ 11-8-101. Short Title
This article shall be known and may be cited as the “Uniform Commercial Code — Investment Securities.” History. Code 1981, § 11-8-101 , enacted by Ga. L. 1998, p. 1323, § 1; Ga. L. 1999, p. 81, § 11.
§ 11-8-201. Issuer
With respect to an obligation on or a defense to a security, an “issuer” includes a person that: 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 in an […]
§ 11-8-102. Definitions
In this article: “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. “Bearer form,” as applied to a certificated security, means a form in […]