Section 440.8407 – Authenticating Trustee, Transfer Agent, Registrar, or Other Agent; Obligation to Holder or Owner of Certificate.
440.8407 Authenticating trustee, transfer agent, registrar, or other agent; obligation to holder or owner of certificate. Sec. 8407. 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 […]
Section 440.8408 – Repealed. 1998, Act 278, Imd. Eff. July 27, 1998.
440.8408 Repealed. 1998, Act 278, Imd. Eff. July 27, 1998. Compiler’s Notes: The repealed section pertained to written statements sent by issuer to new registered owner.
Section 440.8501 – “Securities Account” Defined; Acquisition of Security Entitlement; Conditions; Directly Held Financial Asset; Issuance Not as Security Entitlement.
440.8501 “Securities account” defined; acquisition of security entitlement; conditions; directly held financial asset; issuance not as security entitlement. Sec. 8501. (1) “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 […]
Section 440.8502 – Action Based on Adverse Claim.
440.8502 Action based on adverse claim. Sec. 8502. 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 acquires a security entitlement under section 8501 for value and without notice of the adverse claim. […]
Section 440.8503 – Entitlement Holder Property Interest.
440.8503 Entitlement holder property interest. Sec. 8503. (1) 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 holders, are not property of the securities […]
Section 440.8504 – Maintenance of Financial Asset by Securities Intermediary; Quantity; Manner; Limitation; Duties; Applicability to Clearing Corporation.
440.8504 Maintenance of financial asset by securities intermediary; quantity; manner; limitation; duties; applicability to clearing corporation. Sec. 8504. (1) 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 […]
Section 440.8505 – Obtaining Payment or Distribution Made by Issuer of Financial Asset; Duties and Obligations of Securities Intermediary.
440.8505 Obtaining payment or distribution made by issuer of financial asset; duties and obligations of securities intermediary. Sec. 8505. (1) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. This duty is satisfied if the securities intermediary does either of the following: (a) Acts […]
Section 440.8403 – Demand; Effect; Notification; Period of Time; Liability of Issuer.
440.8403 Demand; effect; notification; period of time; liability of issuer. Sec. 8403. (1) 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 […]
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 […]