§ 6A-8-210. Overissue.
(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 this chapter 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.
History of Section.P.L. 2000, ch. 182, § 5; P.L. 2000, ch. 420, § 5.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Chapter 6A-8 - Investment Securities
Section 6A-8-202. - Issuer’s responsibility and defenses — Notice of defect or defense.
Section 6A-8-203. - Staleness as notice of defect or defense.
Section 6A-8-204. - Effect of issuer’s restriction on transfer.
Section 6A-8-205. - Effect of unauthorized signature on security certificate.
Section 6A-8-206. - Completion of alteration of security certificate.
Section 6A-8-207. - Rights and duties of issuer with respect to registered owners.
Section 6A-8-208. - Effect of signature of authenticating trustee, registrar, or transfer agent.