Terms Used In Maine Revised Statutes Title 11 Sec. 8-1407

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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
  • Trustee: A person or institution holding and administering property in trust.
  • Uncertificated security: means a security that is not represented by a certificate. See Maine Revised Statutes Title 11 Sec. 8-1102
A person acting as authenticating trustee, transfer agent, registrar or other agent for an issuer in the registration of a transfer of its securities, in the issue of new security certificates or uncertificated securities or in the cancellation of surrendered security certificates has the same obligation to the holder or owner of a certificated or uncertificated security with regard to the particular functions performed as the issuer has in regard to those functions. [PL 1997, c. 429, Pt. B, §2 (NEW).]
SECTION HISTORY

PL 1997, c. 429, §B2 (NEW).