§ 8204. Effect of issuer's restriction on transfer. A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person without knowledge of the restriction unless:
(1) the security is certificated and the restriction is noted conspicuously on the security certificate; or
(2) the security is uncertificated and the registered owner has been notified of the restriction.
Cross References. Section 8204 is referred to in section 8401 of this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Section 8202 - Issuer's responsibility and defenses; notice of defect or defense
Section 8203 - Staleness as notice of defect or defense
Section 8204 - Effect of issuer's restriction on transfer
Section 8205 - Effect of unauthorized signature on security certificate
Section 8206 - Completion or alteration of security certificate
Section 8207 - Rights and duties of issuer with respect to registered owners
Section 8208 - Effect of signature of authenticating trustee, registrar or transfer agent