NRS 104.8401 Duty of issuer to register transfer.

268 words·~1 min read·/nv/chapter-104-uniform-commercial-code-original-articles/104-8401

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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, pledge or release as requested if:

(a)Under the terms of the security, the person seeking registration of transfer is eligible to have the security registered in his or her name;

(b)The endorsement 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 endorsement or instruction is genuine and authorized;

(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 NRS 104.8204 ;

(f)A demand that the issuer not register transfer has not become effective under NRS 104.8403 , or the issuer has complied with subsection 2 of that section but no legal process or indemnity bond is obtained as provided in subsection 4 of that section; 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 the person presenting a certificated security or an instruction for registration or his or her principal for loss resulting from unreasonable delay in registration or failure or refusal to register the transfer.