§ 26-1-8.1-401 — Issuer's duty to register transfer

Indiana § 26-1-8.1-401

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 8.1: Investment Securities

Text

(a) If a certificated security in registered
form is presented to an issuer with a request to register transfer or an
instruction is presented to an issuer with a request to register transfer
of an uncertificated security, the issuer shall register the transfer as
requested if:
(1) under the terms of the security the person seeking registration
of transfer is eligible to have the security registered in its name;
(2) the endorsement or instruction is made by the appropriate
person or by an agent who has actual authority to act on behalf of
the appropriate person;
(3) reasonable assurance is given that the endorsement or
instruction is genuine and authorized (IC 26-1-8.1-402);
(4) any applicable law relating to the collection of taxes has been
complied with;
(5) the transfer does not violate any restriction on transfer
imposed by the issuer in accordance with IC 26-1-8.1-204;
(6) a demand that the issuer not register transfer has not become
effective under IC 26-1-8.1-403, or the issuer has complied with
IC 26-1-8.1-403(b) but no legal process or indemnity bond is
obtained as provided in IC 26-1-8.1-403(d); and
(7) the transfer is in fact rightful or is to a protected purchaser.
(b) If an issuer is under a duty to register a transfer of a security, the
issuer is liable to a person presenting a certificated security or an
instruction for registration or to the person's principal for loss resulting
from unreasonable delay in registration or failure or refusal to register
the transfer.

Legislative History

As added by P.L.247-1995, SEC.10.