(1)  If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly.

Terms Used In Utah Code 70A-8-305

  • Instruction: means a notification communicated to the issuer of an uncertificated security which directs that the transfer of the security be registered or that the security be redeemed. See Utah Code 70A-8-101
  • 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.
  • Person: means :Utah Code 68-3-12.5
  • Security: except as otherwise provided in Section 70A-8-102, 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 that:
(i) 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) 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) 
(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 chapter. See Utah Code 70A-8-101
(2)  Unless otherwise agreed, a person initiating an instruction assumes only the obligations imposed by Section 70A-8-107 and not an obligation that the security will be honored by the issuer.

Repealed and Re-enacted by Chapter 204, 1996 General Session