Effective – 28 Aug 1963 400.8-101. Short title. — This article shall be known and may be cited as “Uniform Commercial Code Investment Securities”. ——– (L. 1963 p. 503 § 8-101) (1975) Certificates of deposit in a savings and loan association held not a “medium for investment” and do not come under article 8 of […]
Effective – 28 Aug 1997 400.8-102. Definitions. — (a) In this article: (1) “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; (2) “Bearer […]
Effective – 01 Jul 2001 400.8-103. Rules for determining whether certain obligations and interests are securities or financial assets. — (a) A share or similar equity interest issued by a corporation, business trust, joint stock company or similar entity is a security. (b) An “investment company security” is a security. “Investment company security” means a […]
Effective – 28 Aug 1997 400.8-104. Acquisition of security or financial asset or interest therein. — (a) A person acquires a security or an interest therein, under this article, if: (1) The person is a purchaser to whom a security is delivered pursuant to section 400.8-301; or (2) The person acquires a security entitlement to […]
Effective – 28 Aug 1997 400.8-105. Notice of adverse claim. — (a) A person has notice of an adverse claim if: (1) The person knows of the adverse claim; (2) The person is aware of facts sufficient to indicate that there is a significant probability that the adverse claim exists and deliberately avoids information that […]
Effective – 01 Jul 2001 400.8-106. Control. — (a) A purchaser has “control” of a certificated security in bearer form if the certificated security is delivered to the purchaser. (b) A purchaser has “control” of a certificated security in registered form if the certificated security is delivered to the purchaser, and: (1) The certificate is […]
Effective – 28 Aug 1997 400.8-107. Indorsement, instruction or entitlement order — effective, when. — (a) “Appropriate person” means: (1) With respect to an indorsement, the person specified by a security certificate or by an effective special indorsement to be entitled to the security; (2) With respect to an instruction, the registered owner of an […]
Effective – 28 Aug 1997, 2 histories 400.8-108. Warranties in direct holding. — (a) 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, warrants to any subsequent purchaser, that: (1) The certificate is genuine and has not been materially […]
Effective – 28 Aug 1997 400.8-109. Warranties in indirect holding. — (a) A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that: (1) 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 […]
Effective – 01 Jul 2001 400.8-110. Applicability; choice of law. — (a) The local law of the issuer’s jurisdiction, as specified in subsection (d), governs: (1) The validity of a security; (2) The rights and duties of the issuer with respect to registration of transfer; (3) The effectiveness of registration of transfer by the issuer; […]
Effective – 28 Aug 1997 400.8-111. 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 chapter and affects another party who does not consent to the rule. ——– (L. […]
Effective – 28 Aug 1997 400.8-112. Creditor’s legal process. — (a) 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). However, a certificated security for which […]
Effective – 28 Aug 1997 400.8-113. 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 […]
Effective – 28 Aug 1997 400.8-114. Evidentiary rules concerning certificated securities. — The following rules apply in an action on a certificated security against the issuer: (1) Unless specifically denied in the pleadings, each signature on a security certificate or in a necessary indorsement is admitted; (2) If the effectiveness of a signature is put […]
Effective – 28 Aug 1997 400.8-115. 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 […]
Effective – 28 Aug 1997 400.8-116. 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 […]
Effective – 28 Aug 1997 400.8-117. Deposit of securities. — 1. Notwithstanding any other provision of law, any fiduciary holding securities in its fiduciary capacity and any insurance company with respect to its general account or separate accounts, any bank or trust company holding securities as a custodian or managing agent, and any bank or […]
