§ 34.1-8-304 — Indorsement

(a) An indorsement may be in blank or special. An
indorsement in blank includes an indorsement to bearer. A
special indorsement specifies to whom a security is to be
transferred or who has power to transfer it. A holder may
convert a blank indorsement to a special indorsement.
(b) An indorsement purporting to be only of part of a
security certificate representing units intended by the issuer
to be separately transferable is effective to the extent of the
indorsement.
(c) An indorsement, whether special or in blank, does not
constitute a transfer until delivery of the certificate on which
it appears or, if the indorsement is on a separate document,
until delivery of both the document and the certificate.
(d) If a security certificate in registered form has been
delivered to a purchaser without a necessary indorsement, the
purchaser may become a protected purchaser only when the
indorsement is supplied. However, against a transferor, a
transfer is complete upon delivery and the purchaser has a
specifically enforceable right to have any necessary indorsement
supplied.
(e) An indorsement of a security certificate in bearer
form may give notice of an adverse claim to the certificate, but
it does not otherwise affect a right to registration that the
holder possesses.
(f) Unless otherwise agreed, a person making an
indorsement assumes only the obligations provided in W.S.
34.1-8-108 and not an obligation that the security will be
honored by the issuer.