§ 34.1-8-114 — Evidentiary rules concerning certificated securities

(a) The following rules apply in an action on a
certificated security against the issuer:
(i) Unless specifically denied in the pleadings, each
signature on a security certificate or in a necessary
indorsement is admitted;
(ii) If the effectiveness of a signature is put in
issue, the burden of establishing effectiveness is on the party
claiming under the signature, but the signature is presumed to
be genuine or authorized;
(iii) If signatures on a security certificate are
admitted or established, production of the certificate entitles
a holder to recover on it unless the defendant establishes a
defense or a defect going to the validity of the security;
(iv) If it is shown that a defense or defect exists,
the plaintiff has the burden of establishing that the plaintiff
or some person under whom the plaintiff claims is a person
against whom the defense or defect cannot be asserted.