Section 440.8302 – Purchaser of Security; Rights Acquired.
440.8302 Purchaser of security; rights acquired. Sec. 8302. (1) Except as otherwise provided in subsections (2) and (3), a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer. (2) A purchaser of a limited interest acquires rights only to the extent of […]
Section 440.8303 – “Protected Purchaser” Defined.
440.8303 “Protected purchaser” defined. Sec. 8303. (1) “Protected purchaser” means a purchaser of a certificated or uncertificated security, or of an interest in a certificated or uncertificated security and meets all of the following: (a) Gives value. (b) Does not have notice of any adverse claim to the security. (c) Obtains control of the certificated […]
Section 440.8304 – Indorsement.
440.8304 Indorsement. Sec. 8304. (1) An indorsement may be in blank or special. An indorsement in blank includes an indorsement to bearer. A special indorsement specifies to whom a security is to be transferred or who has power to transfer it. A holder may convert a blank indorsement to a special indorsement. (2) An indorsement […]
Section 440.8305 – Initiation or Origination of Instruction; Completion; Reliance; Assumption of Obligations.
440.8305 Initiation or origination of instruction; completion; reliance; assumption of obligations. Sec. 8305. (1) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly. (2) […]
Section 440.8306 – Warranties Generally.
440.8306 Warranties generally. Sec. 8306. (1) A person who guarantees a signature of an indorser of a security certificate warrants that at the time of signing all of the following are true: (a) The signature was genuine. (b) The signer was an appropriate person to indorse, or if the signature is by an agent, the […]
Section 440.8307 – Transfer of Security on Due Demand; Supplying Requisite Necessary to Obtain Registration; Effect of Noncompliance.
440.8307 Transfer of security on due demand; supplying requisite necessary to obtain registration; effect of noncompliance. Sec. 8307. Unless otherwise agreed, the transferor of a security on due demand shall supply the purchaser with proof of authority to transfer or with any other requisite necessary to obtain registration of the transfer of the security, but […]
Section 440.8308-440.8321 – Repealed. 1998, Act 278, Imd. Eff. July 27, 1998.
440.8308-440.8321 Repealed. 1998, Act 278, Imd. Eff. July 27, 1998. Compiler’s Notes: The repealed sections pertained to indorsement, transfer, sale, and delivery of securities.
Section 440.8301 – Delivery of Certificated or Uncertificated Security to Purchaser.
440.8301 Delivery of certificated or uncertificated security to purchaser. Sec. 8301. (1) Delivery of a certificated security to a purchaser occurs when 1 of the following occurs: (a) The purchaser acquires possession of the security certificate. (b) Another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of the […]