30-8-411. Duty of issuer to register transfer.
258 words·~1 min read·
/mt/title-30/chapter-8/part-4/30-8-411·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
30-8-411 . Duty of issuer to register transfer.
(1)If a certificated security in registered form is presented to an issuer with a request to register transfer or an instruction is presented to an issuer with a request to register transfer of an uncertificated security, the issuer shall register the transfer as requested if:
(a)under the terms of the security the person seeking registration of transfer is eligible to have the security registered in its name;
(b)the indorsement or instruction is made by the appropriate person or by an agent who has actual authority to act on behalf of the appropriate person;
(c)reasonable assurance is given that the indorsement or instruction is genuine and authorized ( 30-8-412 );
(d)any applicable law relating to the collection of taxes has been complied with;
(e)the transfer does not violate any restriction on transfer imposed by the issuer in accordance with 30-8-214 ;
(f)a demand that the issuer not register transfer has not become effective under 30-8-413 , or the issuer has complied with 30-8-413
(2)but no legal process or indemnity bond is obtained as provided in 30-8-413 (4); and
(g)the transfer is in fact rightful or is to a protected purchaser.
(2)If an issuer is under a duty to register a transfer of a security, the issuer is liable to a person presenting a certificated security or an instruction for registration or to the person's principal for loss resulting from unreasonable delay in registration or failure or refusal to register the transfer.