Code · Louisiana · Title 10 — Commercial Laws

RS 10:8-204

95 words·~1 min read·/la/title-10/10-237

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RS 10:8-204

§8-204. Effect of issuer's restriction on transfer

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.

Added by Acts 1978, No. 165, §1, eff. Jan. 1, 1979. Acts 1989, No. 135, §6, eff. Jan. 1, 1990; Acts 1995, No. 884, §1, eff. Jan. 1, 1996.