Effective – 01 Jul 2001 400.8-301. Delivery. — (a) Delivery of a certificated security to a purchaser occurs when: (1) The purchaser acquires possession of the security certificate; (2) Another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of the purchaser or, having previously acquired possession of the […]
Effective – 01 Jul 2001 400.8-302. Rights of purchaser. — (a) Except as otherwise provided in subsections (b) and (c), a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer. (b) A purchaser of a limited interest acquires rights only to the […]
Effective – 28 Aug 1997 400.8-303. Protected purchaser. — (a) “Protected purchaser” means a purchaser of a certificated or uncertificated security, or of an interest therein, who: (1) Gives value; (2) Does not have notice of any adverse claim to the security; and (3) Obtains control of the certificated or uncertificated security. (b) In addition […]
Effective – 28 Aug 1997 400.8-304. Indorsement. — (a) 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 […]
Effective – 28 Aug 1997 400.8-305. Instruction. — (a) 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. (b) Unless otherwise agreed, a person […]
Effective – 28 Aug 1997 400.8-306. Effect of guaranteeing signature, indorsement or instruction. — (a) A person who guarantees a signature of an indorser of a security certificate warrants that at the time of signing: (1) The signature was genuine; (2) The signer was an appropriate person to indorse, or if the signature is by […]
Effective – 28 Aug 1997 400.8-307. Purchaser’s right to requisites for registration of transfer. — 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 if the transfer […]
