§12A-8-114. Evidentiary Rules Concerning Certificated Securities.
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Evidentiary Rules Concerning Certificated Securities.
The following rules apply in an action on a certificated security against the issuer:
(1)Unless specifically denied in the pleadings, each
signature on a security certificate or in a necessary
indorsement is admitted;
(2)If the effectiveness of a signature is put in issue,
the burden of establishing effectiveness is on the
party claiming under the signature, but the signature
is presumed to be genuine or authorized;
(3)If signatures on a security certificate are admitted
or established, production of the certificate entitles
a holder to recover on it unless the defendant
establishes a defense or a defect going to the
validity of the security; and
(4)If it is shown that a defense or defect exists, the
plaintiff has the burden of establishing that the
plaintiff or some person under whom the plaintiff
claims is a person against whom the defense or defect
cannot be asserted. Added by Laws 1995, c. 242, § 14, eff. Feb. 1, 1996.