Ask a question on the site
Questions
Lawyers
Blogs
Legislation
Contacts
Become a lawyer
Login Registration
174-1962-8-1 - Part 1 Short Title and General Matters (440.8101...440.8116)
Section 440.8101 - Uniform Commercial Code—investment Securities; Cited As. - Sec. 8101. This article may be cited as uniform commercial...
Section 440.8102 - Definitions. - Sec. 8102. (1) As used in this article: (a) "Adverse...
Section 440.8103 - Share or Equity Interest as Security; "Investment Company Security" Defined; Interest in Partnership or Limited Liability Company as Security or Financial Asset; Writing; Option or Similar Obligation Issued by Clearing Corporation... - Sec. 8103. (1) A share or similar equity interest issued...
Section 440.8104 - Security or Interest in Security; Financial Asset; Security Entitlement; Acquisition; Placing Security or Financial Asset in Possession of Another Person. - Sec. 8104. (1) A person acquires a security or an...
Section 440.8105 - Notice of Adverse Claim. - Sec. 8105. (1) A person has notice of an adverse...
Section 440.8106 - Certificated Security in Bearer Form; Certificated Security in Registered Form; Uncertificated Security; Security Entitlement; Control; Agreement by Issuer or Securities Intermediary. - Sec. 8106. (1) A purchaser has "control" of a certificated...
Section 440.8107 - “Appropriate Person” Defined; Effectiveness of Indorsement, Instruction, or Entitlement Order. - Sec. 8107. (1) "Appropriate person" means 1 or more of...
Section 440.8108 - Warranty to Purchaser. - Sec. 8108. (1) A person who transfers a certificated security...
Section 440.8109 - Warranty to Securities Intermediary. - Sec. 8109. (1) A person who originates an entitlement order...
Section 440.8110 - Jurisdiction. - Sec. 8110. (1) The law of the issuer's jurisdiction, as...
Section 440.8111 - Rule Adopted by Clearing Corporation; Effect. - Sec. 8111. A rule adopted by a clearing corporation governing...
Section 440.8112 - Reaching Interest of Debtor. - Sec. 8112. (1) The interest of a debtor in a...
Section 440.8113 - Sale or Purchase of Security; Enforcement of Contract or Contract Modification. - Sec. 8113. A contract or modification of a contract for...
Section 440.8114 - Action on Certificated Security Against Issuer; Rules. - Sec. 8114. The following rules apply in an action on...
Section 440.8115 - Transferring or Dealing With Financial Asset; Liability of Securities Intermediary, Broker, or Agent. - Sec. 8115. A securities intermediary that has transferred a financial...
Section 440.8116 - Securities Intermediary as Purchaser for Value of Financial Asset; Acquisition of Security Entitlement for Value. - Sec. 8116. A securities intermediary that receives a financial asset...
174-1962-8-2 - Part 2 Issue—issuer (440.8201...440.8210)
Section 440.8201 - “Issuer” Defined. - Sec. 8201. (1) With respect to an obligation on or...
Section 440.8202 - Terms of Security; Effect of Defect Going to Validity of Security; Rules; Defenses; Right of Party to Cancel Contract. - Sec. 8202. (1) Even against a purchaser for value and...
Section 440.8203 - Conditions to Charging Purchaser With Notice of Defect. - Sec. 8203. After an act or event, other than a...
Section 440.8204 - Restriction on Transfer of Security. - Sec. 8204. A restriction on transfer of a security imposed...
Section 440.8205 - Unauthorized Signature. - Sec. 8205. An unauthorized signature placed on a security certificate...
Section 440.8206 - Completion or Alteration of Security Certificate. - Sec. 8206. (1) If a security certificate contains the signatures...
Section 440.8207 - Rights of Issuer or Indenture Trustee With Respect to Registered Owner. - Sec. 8207. (1) Before due presentment for registration of transfer...
Section 440.8208 - Warranty of Person Signing Security Certificate. - Sec. 8208. (1) A person signing a security certificate as...
Section 440.8210 - Overissue. - Sec. 8210. (1) In this section, "overissue" means the issue...
174-1962-8-3 - Part 3 Purchase (440.8301...440.8321)
Section 440.8301 - Delivery of Certificated or Uncertificated Security to Purchaser. - Sec. 8301. (1) Delivery of a certificated security to a...
Section 440.8302 - Purchaser of Security; Rights Acquired. - Sec. 8302. (1) Except as otherwise provided in subsections (2)...
Section 440.8303 - “Protected Purchaser” Defined. - Sec. 8303. (1) "Protected purchaser" means a purchaser of a...
Section 440.8304 - Indorsement. - Sec. 8304. (1) An indorsement may be in blank or...
Section 440.8305 - Initiation or Origination of Instruction; Completion; Reliance; Assumption of Obligations. - Sec. 8305. (1) If an instruction has been originated by...
Section 440.8306 - Warranties Generally. - Sec. 8306. (1) A person who guarantees a signature of...
Section 440.8307 - Transfer of Security on Due Demand; Supplying Requisite Necessary to Obtain Registration; Effect of Noncompliance. - Sec. 8307. Unless otherwise agreed, the transferor of a security...
Section 440.8308-440.8321 - Repealed. 1998, Act 278, Imd. Eff. July 27, 1998. - Compiler's Notes: The repealed sections pertained to indorsement, transfer, sale,...
174-1962-8-4 - Part 4 Registration (440.8401...440.8408)
Section 440.8401 - Registration of Transfer; Duty and Liability of Issuer. - Sec. 8401. (1) If a certificated security in registered form...
Section 440.8402 - Indorsement as Genuine and Authorized; Assurance; Definitions. - Sec. 8402. (1) The issuer may require the following assurance...
Section 440.8403 - Demand; Effect; Notification; Period of Time; Liability of Issuer. - Sec. 8403. (1) A person who is an appropriate person...
Section 440.8404 - Liability of Issuer for Wrongful Registration or Transfer. - Sec. 8404. (1) Except as otherwise provided in section 8406,...
Section 440.8405 - Lost, Destroyed, or Wrongfully Taken Securities. - Sec. 8405. (1) If an owner of a certificated security,...
Section 440.8406 - Lost, Destroyed, or Wrongfully Taken Security Certificate; Failure to Notify Issuer. - Sec. 8406. If a security certificate has been lost, apparently...
Section 440.8407 - Authenticating Trustee, Transfer Agent, Registrar, or Other Agent; Obligation to Holder or Owner of Certificate. - Sec. 8407. A person acting as authenticating trustee, transfer agent,...
Section 440.8408 - Repealed. 1998, Act 278, Imd. Eff. July 27, 1998. - Compiler's Notes: The repealed section pertained to written statements sent...
174-1962-8-5 - Part 5 Security Entitlements (440.8501...440.8511)
Section 440.8501 - “Securities Account” Defined; Acquisition of Security Entitlement; Conditions; Directly Held Financial Asset; Issuance Not as Security Entitlement. - Sec. 8501. (1) "Securities account" means an account to which...
Section 440.8502 - Action Based on Adverse Claim. - Sec. 8502. An action based on an adverse claim to...
Section 440.8503 - Entitlement Holder Property Interest. - Sec. 8503. (1) To the extent necessary for a securities...
Section 440.8504 - Maintenance of Financial Asset by Securities Intermediary; Quantity; Manner; Limitation; Duties; Applicability to Clearing Corporation. - Sec. 8504. (1) A securities intermediary shall promptly obtain and...
Section 440.8505 - Obtaining Payment or Distribution Made by Issuer of Financial Asset; Duties and Obligations of Securities Intermediary. - Sec. 8505. (1) A securities intermediary shall take action to...
Section 440.8506 - Duty of Securities Intermediary to Exercise Rights With Respect to Financial Asset; Conditions. - Sec. 8506. A securities intermediary shall exercise rights with respect...
Section 440.8507 - Compliance With Entitlement Order by Securities Intermediary; Conditions; Wrongful Transfer of Financial Asset Pursuant to Ineffective Entitlement Order; Liability. - Sec. 8507. (1) A securities intermediary shall comply with an...
Section 440.8508 - Changing Security Entitlement Into Another Form of Holding; Transferring Financial Asset to Securities Account of Entitlement Holder; Duties of Securities Intermediary; Conditions. - Sec. 8508. A securities intermediary shall act at the direction...
Section 440.8509 - Performance of Duties by Securities Intermediary. - Sec. 8509. (1) If the substance of a duty imposed...
Section 440.8510 - Assertion of Action Based on Adverse Claim; Prohibition; Conditions; Priority. - Sec. 8510. (1) In a case not covered by the...
Section 440.8511 - Priority of Claims. - Sec. 8511. (1) Except as otherwise provided in subsections (2)...
174-1962-8-6 - Part 6 (440.8601...440.8601)
Section 440.8601 - Action or Proceeding Commenced Before Act Takes Effect; Security Interest Perfected at Date Act Takes Effect. - Sec. 8601. (1) This amendatory act does not affect an...