Sec. 210. (a) In this section, "overissue" means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue does not occur if appropriate action has cured the overissue.
(b) Except as otherwise provided in subsections (c) and (d), the provisions of IC 26-1-8.1 which validate a security or compel its issue or reissue do not apply to the extent that validation, issue, or reissue would result in overissue.
(c) If an identical security not constituting an overissue is reasonably available for purchase, a person entitled to issue or validation may compel the issuer to purchase the security and deliver it if certificated or register its transfer if uncertificated, against surrender of any security certificate the person holds.
(d) If a security is not reasonably available for purchase, a person entitled to issue or validation may recover from the issuer the price the person or the last purchaser for value paid for it with interest from the date of the person's demand.
As added by P.L.247-1995, SEC.10.
Structure Indiana Code
Article 1. Uniform Commercial Code
Chapter 8.1. Investment Securities
26-1-8.1-0.1. Effect of Enactment of Chapter
26-1-8.1-0.3. Perfection of Certain Security Interests; Continuation of Perfection
26-1-8.1-102. Definitions; Rules of Construction
26-1-8.1-103. Classification as Security or Financial Asset
26-1-8.1-104. Acquisition of a Security or Financial Asset
26-1-8.1-105. Notice of Adverse Claim
26-1-8.1-106. Control of Securities
26-1-8.1-107. Effectiveness of Endorsement, Instruction, or Entitlement Order
26-1-8.1-108. Warranties Upon Purchase or Transfer of Security
26-1-8.1-109. Warranties Made by and to a Securities Intermediary
26-1-8.1-110. Applicability of Local Law; Determination of Jurisdiction
26-1-8.1-111. Applicability of Rules Adopted by Clearing Corporations
26-1-8.1-112. Creditor Access to Debtor's Interest in a Security
26-1-8.1-113. Enforceability of Contracts for Sale or Purchase of a Security
26-1-8.1-114. Special Rules in Actions Against Issuers of a Certificated Security
26-1-8.1-115. Liability of Securities Intermediary, Broker, or Other Agent or Bailee
26-1-8.1-116. Determination of Securities Intermediary as Purchaser for Value
26-1-8.1-201. "Issuer" Defined
26-1-8.1-202. Terms of Security; Rules on Validity; Issuer's Defenses; Cancellation of Contracts
26-1-8.1-203. Notice of Defects
26-1-8.1-204. Restrictions on Transfer
26-1-8.1-205. Effect of Unauthorized Signature or Certificate
26-1-8.1-206. Enforceability of Incomplete or Incorrect Certificate
26-1-8.1-208. Warranties by Security Certificate Authenticating Signatory
26-1-8.1-210. Overissue of Security; Refund in the Event of Unavailability of Security
26-1-8.1-301. Delivery of Security
26-1-8.1-302. Rights Acquired by Purchaser
26-1-8.1-303. "Protected Purchaser" Defined; Acquisition of Interest Free of Adverse Claims
26-1-8.1-304. Endorsement of Securities
26-1-8.1-305. Incomplete Instructions; Obligations Imposed on Person Initiating Instructions
26-1-8.1-306. Warranties by Guarantor
26-1-8.1-307. Duties of Transferor of Security
26-1-8.1-401. Issuer's Duty to Register Transfer
26-1-8.1-402. Issuer's Right to Assurances
26-1-8.1-403. Demand That Transfer Not Be Registered; Notice; Contents; Liability
26-1-8.1-404. Issuer Liability for Wrongful Registration of Transfer
26-1-8.1-405. Issuance of New Certificates; Protected Purchasers
26-1-8.1-406. Failure to Notify Issuer of Lost, Destroyed, or Wrongfully Taken Certificates
26-1-8.1-407. Obligations of Agents Acting on Behalf of Issuer
26-1-8.1-501. Acquisition of Security Entitlements
26-1-8.1-502. Adverse Claims Against Person Holding a Security Entitlement
26-1-8.1-504. Maintenance of Financial Assets by Securities Intermediary; Exempted Entity
26-1-8.1-505. Duty of Securities Intermediary to Obtain and Pay Distributions on Financial Assets
26-1-8.1-506. Duty of Securities Intermediary to Exercise Rights as Directed by Entitlement Holder
26-1-8.1-508. Duty of Securities Intermediary to Act at Direction of Entitlement Holder
26-1-8.1-509. Standards for Performance of Duties by Securities Intermediary
26-1-8.1-510. Purchaser for Value of Financial Asset or Security Entitlement; Adverse Claims