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

Terms Used In Iowa Code 554.8204

  • person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
 2. the security is uncertificated and the registered owner has been notified of the restriction.