Section 1308.54 | Duty of Securities Intermediary to Maintain Financial Asset – Ucc 8-504.
Effective: January 1, 1998 Latest Legislation: House Bill 170 – 122nd General Assembly (A) 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 financial asset. The securities intermediary […]
Section 1308.55 | Duty of Securities Intermediary With Respect to Payments and Distributions – Ucc 8-505.
Effective: January 1, 1998 Latest Legislation: House Bill 170 – 122nd General Assembly (A) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if: (1) The securities intermediary acts with respect to the duty as agreed upon by […]
Section 1308.56 | Duty of Securities Intermediary to Exercise Rights as Directed by Entitlement Holder – Ucc 8-506.
Effective: January 1, 1998 Latest Legislation: House Bill 170 – 122nd General Assembly A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfies the duty if: (A) The securities intermediary acts with respect to the duty as agreed upon by […]
Section 1308.57 | Duty of Securities Intermediary to Comply With Entitlement Holder – Ucc 8-507.
Effective: January 1, 1998 Latest Legislation: House Bill 170 – 122nd General Assembly (A) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement order is genuine and authorized, and the securities intermediary […]
Section 1308.37 | Duty of Issuer to Register Transfer – Ucc 8-401.
Effective: January 1, 1998 Latest Legislation: House Bill 170 – 122nd General Assembly (A) If a certificated security in registered form is presented to the issuer with a request to register transfer or an instruction is presented to the issuer with a request to register transfer of an uncertificated security, the issuer shall register the […]
Section 1308.38 | Assurance That Indorsement or Instruction Is Effective – Ucc 8-402.
Effective: January 1, 1998 Latest Legislation: House Bill 170 – 122nd General Assembly (A) An issuer may require the following assurance that each necessary indorsement or each instruction is genuine and authorized: (1) In all cases, a guaranty of the signature of the person making an indorsement or originating an instruction including, in the case […]
Section 1308.39 | Demand That Issuer Not Register Transfer – Ucc 8-403.
Effective: January 1, 1998 Latest Legislation: House Bill 170 – 122nd General Assembly (A) 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 […]
Section 1308.26 | Effect of Guaranteeing Signature, Indorsement, or Instruction – Ucc 8-306.
Effective: January 1, 1998 Latest Legislation: House Bill 170 – 122nd General Assembly (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 an […]
Section 1308.27 | Delivery – Ucc 8-301.
Effective: July 1, 2001 Latest Legislation: Senate Bill 74 – 124th General Assembly (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 […]
Section 1308.29 | Fulfilling Duty to Transfer.
Effective: September 20, 1984 Latest Legislation: Senate Bill 283 – 115th General Assembly (A) Unless otherwise agreed, if a sale of a security is made on an exchange or otherwise through brokers: (1) The selling customer fulfills his duty to transfer at the time he: (a) Places a certificated security in the possession of the […]