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Section 440.8308-440.8321 – Repealed. 1998, Act 278, Imd.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440.8308-440.8321 Repealed. 1998, Act 278, Imd.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 Compiler’s Notes: The repealed sections pertained to indorsement, transfer, sale, and delivery of securities.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 440.8401 – Registration of Transfer; Duty and Liability of Issuer.
440.8401 Registration of transfer; duty and liability of issuer. Sec. 8401. (1) If a certificated security in registered form is presented to an issuer with a request to register transfer or an instruction is presented to an issuer with a request to register transfer of an uncertificated security, the issuer shall register the transfer as […]
Section 440.8402 – Indorsement as Genuine and Authorized; Assurance; Definitions.
440.8402 Indorsement as genuine and authorized; assurance; definitions. Sec. 8402. (1) The issuer may require the following assurance that each necessary indorsement or each instruction is genuine and authorized: (a) In all cases, a guarantee of the signature of the person making an indorsement or originating an instruction including, in the case of an instruction, […]
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 […]
Section 440.8201 – “Issuer” Defined.
440.8201 “Issuer” defined. Sec. 8201. (1) With respect to an obligation on or a defense to a security, an “issuer” includes a person that does 1 or more of the following: (a) Places or authorizes the placing of its name on a security certificate, other than as authenticating trustee, registrar, transfer agent, or similar person, […]
Section 440.8202 – Terms of Security; Effect of Defect Going to Validity of Security; Rules; Defenses; Right of Party to Cancel Contract.
440.8202 Terms of security; effect of defect going to validity of security; rules; defenses; right of party to cancel contract. Sec. 8202. (1) Even against a purchaser for value and without notice, the terms of a certified security include terms stated on the certificate and terms made part of the security by reference on the […]
Section 440.8203 – Conditions to Charging Purchaser With Notice of Defect.
440.8203 Conditions to charging purchaser with notice of defect. Sec. 8203. After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security is to be presented or surrendered […]