Montana Code 17-5-1115. Uncertificated public obligation — signed statements
17-5-1115. Uncertificated public obligation — signed statements. The issuer shall provide, with respect to its uncertificated public obligations, for the sending of written statements that provide a record of certain rights as of the time of issuance of the statements. The statements must be sent to each person acquiring rights by registration in uncertificated public obligations, and the statements so sent must be signed by an authorized officer or by a person whose signature is required or permitted to be placed on a certificated public obligation of the same class or series. Statements, as such, confer no right on the recipient. Statements are neither a negotiable instrument nor a security.
Terms Used In Montana Code 17-5-1115
- Authorized officer: means , with respect to any certificated public obligation:
(i)an individual whose signature to the certificated public obligation is required or permitted; or
(ii)an individual who may be permitted by an authorized officer, either alone or with the concurrence of another or others, to affix the individual's signature to the certificated public obligation and who is so permitted in writing by the authorized officer with any required concurrence. See Montana Code 17-5-1102
- Certificated public obligation: means an obligation that is:
(a)issued pursuant to a system of registration;
(b)represented by an instrument; and
(c)either one of a class or series or by its terms is divisible into a class or series of obligations. See Montana Code 17-5-1102
- Issuer: means a public entity that:
(a)executes a certificated public obligation to evidence its duty to perform an obligation represented by the certificated public obligation;
(b)undertakes to perform an obligation that is an uncertificated public obligation; or
(c)becomes responsible for or in place of a public entity described as an issuer in this subsection (7). See Montana Code 17-5-1102
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201