Illinois Statutes
§ 8-204 — Effect of issuer's restriction on transfer
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 810 COMMERCIAL CODE·Act 810 ILCS 5/ Uniform Commercial Code.·Art. Article 8 - Investment Securities
A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person without knowledge of the restriction unless:
(1)the security is certificated and the restriction is noted conspicuously on the security certificate; or (2) the security is uncertificated and the registered owner has been notified of the restriction.
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Legislative History
(Source: P.A. 89-364, eff. 1-1-96.)
Nearby Sections
15
§ 8-101
Short title§ 8-102
Definitions§ 8-103
§ 8-103§ 8-104
§ 8-104§ 8-105
Notice of adverse claim§ 8-106
Control§ 8-107
§ 8-107§ 8-108
Warranties in direct holding§ 8-110
Applicability; choice of law§ 8-111
Clearing corporation rules§ 8-112
Creditor's legal process§ 8-115
§ 8-115