§ 30-2-5-5 — Adverse claims

Indiana § 30-2-5-5

• Jurisdiction: Indiana
• Art. 2: GENERAL PROVISIONS
• Ch. 5: Uniform Act for the Simplification of Fiduciary Security

Text

(a) A person asserting a claim of beneficial
interest adverse to the transfer of a security pursuant to an assignment
by a fiduciary may give the corporation or transfer agent written notice
of the claim. The corporation or transfer agent is not put on notice
unless the written notice identifies the claimant, the registered owner,
and the issue of which the security is a part, provides an address for
communications directed to the claimant and is received before the
transfer. Nothing in this chapter relieves the corporation or transfer
agent of any liability for making or refusing to make the transfer after
it is so put on notice, unless it proceeds in the manner authorized in
subsection (b).
(b) As soon as practicable after the presentation of a security for
transfer pursuant to an assignment by a fiduciary, a corporation or
transfer agent which has received notice of a claim of beneficial
interest adverse to the transfer may send notice of the presentation by
registered or certified mail to the claimant at the address given by him.
If the corporation or transfer agent so mails such a notice it shall
withhold the transfer for thirty (30) days after the mailing and shall
then make the transfer unless restrained by a court order.
Formerly: Acts 1961, c.124, s.5. As amended by Acts 1982,
P.L.171, SEC.98.