Maine Revised Statutes Title 11 Sec. 8-1206 – Completion or alteration of security certificate
Current as of: 2023 | Check for updates
|
Other versions
(1). If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in any other respect:
(a). Any person may complete it by filling in the blanks as authorized; and [PL 1997, c. 429, Pt. B, §2 (NEW).]
(b). Even if the blanks are incorrectly filled in, the security certificate as completed is enforceable by a purchaser who took it for value and without notice of the incorrectness. [PL 1997, c. 429, Pt. B, §2 (NEW).]
[PL 1997, c. 429, Pt. B, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 11 Sec. 8-1206
- Security: except as otherwise provided in section 8?1103, means an obligation of an issuer or a share, participation or other interest in an issuer or in property or an enterprise of an issuer: (i) That is represented by a security certificate in bearer or registered form or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer;(ii) That is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests or obligations; and(iii) That:(A) Is, or is of a type, dealt in or traded on securities exchanges or securities markets; or(B) Is a medium for investment and by its terms expressly provides that it is a security governed by this Article. See Maine Revised Statutes Title 11 Sec. 8-1102
- Security certificate: means a certificate representing a security. See Maine Revised Statutes Title 11 Sec. 8-1102
(2). A complete security certificate that has been improperly altered, even if fraudulently, remains enforceable, but only according to its original terms.[PL 1997, c. 429, Pt. B, §2 (NEW).]
SECTION HISTORYPL 1997, c. 429, §B2 (NEW).