7-8-311
Section 7-8-311 (Effective Until January 1, 1997) Effect of unauthorized indorsement. Unless
the owner has ratified an unauthorized indorsement or is otherwise precluded from asserting
its ineffectiveness: (a) He may assert its ineffectiveness against the issuer or any purchaser
other than a purchaser for value and without notice of adverse claims who has in good faith
received a new, reissued or reregistered security on registration of transfer; and (b) An
issuer who registers the transfer of a security upon the unauthorized indorsement is subject
to liability for improper registration (Section 7-8-404). (Acts 1965, No. 549, p. 811.)...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-311.htm - 988 bytes - Match Info - Similar pages

7-8-315
Section 7-8-315 (Effective Until January 1, 1997) Action against purchaser based upon wrongful
transfer. (1) Any person against whom the transfer of a security is wrongful for any reason,
including his incapacity, may against anyone except a bona fide purchaser reclaim possession
of the security or obtain possession of any new security evidencing all or part of the same
rights or have damages. (2) If the transfer is wrongful because of an unauthorized indorsement,
the owner may also reclaim or obtain possession of the security or new security even from
a bona fide purchaser if the ineffectiveness of the purported indorsement can be asserted
against him under the provisions of this article on unauthorized indorsements (Section 7-8-311).
(3) The right to obtain or reclaim possession of a security may be specifically enforced and
its transfer enjoined and the security impounded pending the litigation. (Acts 1965, No. 549,
p. 811.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-315.htm - 1K - Match Info - Similar pages

7-8-108
Section 7-8-108 Warranties in direct holding. (a) A person who transfers a certificated security
to a purchaser for value warrants to the purchaser, and an indorser, if the transfer is by
indorsement, warrants to any subsequent purchaser, that: (1) the certificate is genuine and
has not been materially altered; (2) the transferor or indorser does not know of any fact
that might impair the validity of the security; (3) there is no adverse claim to the security;
(4) the transfer does not violate any restriction on transfer; (5) if the transfer is by indorsement,
the indorsement is made by an appropriate person, or if the indorsement is by an agent, the
agent has actual authority to act on behalf of the appropriate person; and (6) the transfer
is otherwise effective and rightful. (b) A person who originates an instruction for registration
of transfer of an uncertificated security to a purchaser for value warrants to the purchaser
that: (1) the instruction is made by an appropriate person,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-108.htm - 4K - Match Info - Similar pages

7-8-205
Section 7-8-205 Effect of unauthorized signature on security certificate. An unauthorized signature
placed on a security certificate before or in the course of issue is ineffective, but the
signature is effective in favor of a purchaser for value of the certificated security if the
purchaser is without notice of the lack of authority and the signing has been done by: (1)
an authenticating trustee, registrar, transfer agent, or other person entrusted by the issuer
with the signing of the security certificate or of similar security certificates, or the immediate
preparation for signing of any of them; or (2) an employee of the issuer, or of any of the
persons listed in paragraph (1), entrusted with responsible handling of the security certificate.
(Acts 1965, No. 549, p. 811; repealed by Acts 1996, No. 96-742, p. 1241, §1; added by Acts
1996, No. 96-742, p. 1241, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-205.htm - 1K - Match Info - Similar pages

7-8-304
Section 7-8-304 Indorsement. (a) An indorsement may be in blank or special. An indorsement
in blank includes an indorsement to bearer. A special indorsement specifies to whom a security
is to be transferred or who has power to transfer it. A holder may convert a blank indorsement
to a special indorsement. (b) An indorsement purporting to be only of part of a security certificate
representing units intended by the issuer to be separately transferable is effective to the
extent of the indorsement. (c) An indorsement, whether special or in blank, does not constitute
a transfer until delivery of the certificate on which it appears or, if the indorsement is
on a separate document, until delivery of both the document and the certificate. (d) If a
security certificate in registered form has been delivered to a purchaser without a necessary
indorsement, the purchaser may become a protected purchaser only when the indorsement is supplied.
However, against a transferor, a transfer is complete...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-304.htm - 1K - Match Info - Similar pages

7-8-306
Section 7-8-306 Effect of guaranteeing signature, indorsement, or instruction. (a) A person
who guarantees a signature of an indorser of a security certificate warrants that at the time
of signing: (1) the signature was genuine; (2) the signer was an appropriate person to indorse,
or if the signature is by an agent, the agent had actual authority to act on behalf of the
appropriate person; and (3) the signer had legal capacity to sign. (b) A person who guarantees
a signature of the originator of an instruction warrants that at the time of signing: (1)
the signature was genuine; (2) the signer was an appropriate person to originate the instruction,
or if the signature is by an agent, the agent had actual authority to act on behalf of the
appropriate person, if the person specified in the instruction as the registered owner was,
in fact, the registered owner, as to which fact the signature guarantor does not make a warranty;
and (3) the signer had legal capacity to sign. (c) A person who...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-306.htm - 3K - Match Info - Similar pages

7-8-312
Section 7-8-312 (Effective Until January 1, 1997) Effect of guaranteeing signature or indorsement.
(1) Any person guaranteeing a signature of an indorser of a security warrants that at the
time of signing: (a) The signature was genuine; and (b) The signer was an appropriate person
to indorse (Section 7-8-308); and (c) The signer had legal capacity to sign. But the guarantor
does not otherwise warrant the rightfulness of the particular transfer. (2) Any person may
guarantee an indorsement of a security and by so doing warrants not only the signature (subsection
(1)) but also the rightfulness of the particular transfer in all respects. But no issuer may
require a guarantee of indorsement as a condition to registration of transfer. (3) The foregoing
warranties are made to any person taking or dealing with the security in reliance on the guarantee
and the guarantor is liable to such person for any loss resulting from breach of the warranties.
(Acts 1965, No. 549, p. 811.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-312.htm - 1K - Match Info - Similar pages

7-8-401
Section 7-8-401 Duty of issuer to register transfer. (a) 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: (1) under the terms of the security the person
seeking registration of transfer is eligible to have the security registered in its name;
(2) 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; (3) reasonable assurance is given
that the indorsement or instruction is genuine and authorized (Section 7-8-402); (4) any applicable
law relating to the collection of taxes has been complied with; (5) the transfer does not
violate any restriction on transfer imposed by the issuer in accordance with Section 7-8-204;
(6) a demand that the issuer not register transfer has not...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-401.htm - 2K - Match Info - Similar pages

7-8-106
Section 7-8-106 Control. (a) A purchaser has "control" of a certificated security
in bearer form if the certificated security is delivered to the purchaser. (b) A purchaser
has "control" of a certificated security in registered form if the certificated
security is delivered to the purchaser, and: (1) the certificate is indorsed to the purchaser
or in blank by an effective indorsement; or (2) the certificate is registered in the name
of the purchaser, upon original issue or registration of transfer by the issuer. (c) A purchaser
has "control" of an uncertificated security if: (1) the uncertificated security
is delivered to the purchaser; or (2) the issuer has agreed that it will comply with instructions
originated by the purchaser without further consent by the registered owner. (d) A purchaser
has "control" of a security entitlement if: (1) the purchaser becomes the entitlement
holder; (2) the securities intermediary has agreed that it will comply with entitlement orders
originated by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-106.htm - 2K - Match Info - Similar pages

7-8-301
Section 7-8-301 Delivery. (a) Delivery of a certificated security to a purchaser occurs when:
(1) the purchaser acquires possession of the security certificate; (2) another person, other
than a securities intermediary, either acquires possession of the security certificate on
behalf of the purchaser or, having previously acquired possession of the certificate, acknowledges
that it holds for the purchaser; or (3) a securities intermediary acting on behalf of the
purchaser acquires possession of the security certificate, only if the certificate is in registered
form and is (i) registered in the name of the purchaser, (ii) payable to the order of the
purchaser, or (iii) specially indorsed to the purchaser by an effective indorsement and has
not been indorsed to the securities intermediary or in blank. (b) Delivery of an uncertificated
security to a purchaser occurs when: (1) the issuer registers the purchaser as the registered
owner, upon original issue or registration of transfer; or (2)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-8-301.htm - 1K - Match Info - Similar pages