Section 440.8107 – “Appropriate Person” Defined; Effectiveness of Indorsement, Instruction, or Entitlement Order.
440.8107 “Appropriate person” defined; effectiveness of indorsement, instruction, or entitlement order. Sec. 8107. (1) “Appropriate person” means 1 or more of the following: (a) With respect to an indorsement, the person specified by a security certificate or by an effective special indorsement to be entitled to the security. (b) With respect to an instruction, the […]
Section 440.8108 – Warranty to Purchaser.
440.8108 Warranty to purchaser. Sec. 8108. (1) A person who transfers a certificated security to a purchaser for value warrants to the purchaser, and an indorser, if the transfer is by indorsement, and warrants to any subsequent purchaser all of the following: (a) The certificate is genuine and has not been materially altered. (b) The […]
Section 440.8109 – Warranty to Securities Intermediary.
440.8109 Warranty to securities intermediary. Sec. 8109. (1) A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary both of the following: (a) 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 […]
Section 440.8110 – Jurisdiction.
440.8110 Jurisdiction. Sec. 8110. (1) The law of the issuer’s jurisdiction, as specified in subsection (4), governs all of the following: (a) The validity of a security. (b) The rights and duties of the issuer with respect to registration of transfer. (c) The effectiveness of registration of transfer by the issuer. (d) Whether the issuer […]
Section 440.8111 – Rule Adopted by Clearing Corporation; Effect.
440.8111 Rule adopted by clearing corporation; effect. Sec. 8111. 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: Add. 1998, […]
Section 440.8112 – Reaching Interest of Debtor.
440.8112 Reaching interest of debtor. Sec. 8112. (1) 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 (4). However, a certificated security for which the certificate has […]
Section 440.8113 – Sale or Purchase of Security; Enforcement of Contract or Contract Modification.
440.8113 Sale or purchase of security; enforcement of contract or contract modification. Sec. 8113. 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 […]
Section 440.8101 – Uniform Commercial Code—investment Securities; Cited As.
440.8101 Uniform commercial code—investment securities; cited as. Sec. 8101. This article may be cited as uniform commercial code—investment securities. History: 1962, Act 174, Eff. Jan. 1, 1964 ;– Am. 1998, Act 278, Imd. Eff. July 27, 1998
Section 440.8102 – Definitions.
440.8102 Definitions. Sec. 8102. (1) As used in this article: (a) “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. (b) “Bearer form”, as […]
Section 440.8103 – Share or Equity Interest as Security; “Investment Company Security” Defined; Interest in Partnership or Limited Liability Company as Security or Financial Asset; Writing; Option or Similar Obligation Issued by Clearing Corporation as Financial Asset; Commodity Contract; Financial Asset.
440.8103 Share or equity interest as security; “investment company security” defined; interest in partnership or limited liability company as security or financial asset; writing; option or similar obligation issued by clearing corporation as financial asset; commodity contract; financial asset. Sec. 8103. (1) A share or similar equity interest issued by a corporation, business trust, joint […]