70A-8-204. Effect of issuer's restriction on transfer.
74 words·~1 min read·
/ut/title-70a/chapter-8/70a-8-204A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
70A-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.
Repealed and Re-enacted by Chapter 204 , 1996 General Session