440.8206 Completion or alteration of security certificate.
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440.8206 Completion or alteration of security certificate.
Sec. 8206.
(1)If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in any other respect, it may be completed as follows:
(a)Any person may complete it by filling in the blanks as authorized.
(b)Even though the blanks are incorrectly filled in, the security as completed is enforceable by a purchaser who took it for value and without notice of the incorrectness.
(2)A complete security certificate that has been improperly altered, even if fraudulently, remains enforceable, but only according to its original terms.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278 , Imd. Eff. July 27, 1998