New York Laws
Part 1 - Short Title and General Matters
8-114 - Evidentiary Rules Concerning Certificated Securitites.

(1) Unless specifically denied in the pleadings, each signature on a
security certificate or in a necessary indorsement is admitted.
(2) If the effectiveness of a signature is put in issue, the burden of
establishing effectiveness is on the party claiming under the signature,
but the signature is presumed to be genuine or authorized.
(3) If signatures on a security certificate are admitted or
established, production of the certificate entitles a holder to recover
on it unless the defendant establishes a defense or a defect going to
the validity of the security.
(4) If it is shown that a defense or defect exists, the plaintiff has
the burden of establishing that the plaintiff or some person under whom
the plaintiff claims is a person against whom the defense or defect
cannot be asserted.

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