Maine Revised Statutes Title 11 Sec. 8-1401 – Duty of issuer to register transfer
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(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 as requested if:
(a). Under the terms of the security, the person seeking registration of transfer is eligible to have the security registered in its name; [PL 1997, c. 429, Pt. B, §2 (NEW).]
(b). The indorsement or instruction is made by the appropriate person or by an agent who has actual authority to act on behalf of the appropriate person; [PL 1997, c. 429, Pt. B, §2 (NEW).]
(c). Reasonable assurance is given that the indorsement or instruction is genuine and authorized in accordance with section 8?1402; [PL 1997, c. 429, Pt. B, §2 (NEW).]
(d). Any applicable law relating to the collection of taxes has been complied with; [PL 1997, c. 429, Pt. B, §2 (NEW).]
(e). The transfer does not violate any restriction on transfer imposed by the issuer in accordance with section 8?1204; [PL 1997, c. 429, Pt. B, §2 (NEW).]
(f). A demand that the issuer not register transfer has not become effective under section 8?1403, or the issuer has complied with section 8?1403, subsection (2) but no legal process or indemnity bond is obtained as provided in section 8?1403, subsection (4); and [PL 1997, c. 429, Pt. B, §2 (NEW).]
(g). The transfer is in fact rightful or is to a protected purchaser. [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. 8-1401
- Certificated security: means a security that is represented by a certificate. See Maine Revised Statutes Title 11 Sec. 8-1102
- Indorsement: means a signature that alone or accompanied by other words is made on a security certificate in registered form or on a separate document for the purpose of assigning, transferring or redeeming the security or granting a power to assign, transfer or redeem it. See Maine Revised Statutes Title 11 Sec. 8-1102
- Instruction: means a notification communicated to the issuer of an uncertificated security that directs that the transfer of the security be registered or that the security be redeemed. See Maine Revised Statutes Title 11 Sec. 8-1102
- 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
- Uncertificated security: means a security that is not represented by a certificate. See Maine Revised Statutes Title 11 Sec. 8-1102
(2). If an issuer is under a duty to register a transfer of a security, the issuer is liable to a person presenting a certificated security or an instruction for registration or to the person’s principal for loss resulting from unreasonable delay in registration or failure or refusal to register the transfer.[PL 1997, c. 429, Pt. B, §2 (NEW).]
SECTION HISTORYPL 1997, c. 429, §B2 (NEW).