408.304 Endorsement.
(1) An endorsement may be in blank or special. An endorsement in blank includes an endorsement to bearer. A special endorsement specifies to whom a security is to be transferred or who has power to transfer it. A holder may convert a blank endorsement to a special endorsement.
(2) An endorsement purporting to be only an endorsement of part of a security certificate representing units intended by the issuer to be separately transferable is effective to the extent of the endorsement.
(3) An endorsement, whether special or in blank, does not constitute a transfer until delivery of the certificate on which it appears or, if the endorsement is on a separate document, until delivery of both the document and the certificate.
(4) If a security certificate in registered form has been delivered to a purchaser without a necessary endorsement, the purchaser may become a protected purchaser only when the endorsement is supplied. However, against a transferor, a transfer is complete upon delivery and the purchaser has a specifically enforceable right to have any necessary endorsement supplied.
(5) An endorsement of a security certificate in bearer form may give notice of an adverse claim to the certificate, but it does not otherwise affect a right to registration that the holder possesses.
(6) Unless otherwise agreed, a person making an endorsement assumes only the obligations provided in s. 408.108 and not an obligation that the security will be honored by the issuer.
History: 1997 a. 297.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 408 - Uniform commercial code — investment securities.
408.104 - Acquisition of security or financial asset or interest therein.
408.105 - Notice of adverse claim.
408.107 - Whether endorsement, instruction or entitlement order is effective.
408.108 - Warranties in direct holding.
408.109 - Warranties in indirect holding.
408.110 - Applicability; choice of law.
408.111 - Clearing corporation rules.
408.112 - Creditor's legal process.
408.113 - Statute of frauds inapplicable.
408.114 - Evidentiary rules concerning certificated securities.
408.115 - Securities intermediary and others not liable to adverse claimant.
408.116 - Securities intermediary as purchaser for value.
408.202 - Issuer's responsibility and defenses; notice of defect or defense.
408.203 - Staleness as notice of defect or defense.
408.204 - Effect of issuer's restriction on transfer.
408.205 - Effect of unauthorized signature on security certificate.
408.206 - Completion or alteration of security certificate.
408.207 - Rights and duties of issuer with respect to registered owners.
408.208 - Effect of signature of authenticating trustee, registrar or transfer agent.
408.302 - Rights of purchaser.
408.303 - Protected purchaser.
408.306 - Effect of guaranteeing signature, endorsement or instruction.
408.307 - Purchaser's right to requisites for registration of transfer.
408.401 - Duty of issuer to register transfer.
408.402 - Assurance that endorsement or instruction is effective.
408.403 - Demand that issuer not register transfer.
408.404 - Wrongful registration.
408.405 - Replacement of lost, destroyed or wrongfully taken security certificate.
408.406 - Obligation to notify issuer of lost, destroyed or wrongfully taken security certificate.
408.407 - Authenticating trustee, transfer agent and registrar.
408.501 - Securities account; acquisition of security entitlement from securities intermediary.
408.502 - Assertion of adverse claim against entitlement holder.
408.504 - Duty of securities intermediary to maintain financial asset.
408.505 - Duty of securities intermediary with respect to payments and distributions.
408.506 - Duty of securities intermediary to exercise rights as directed by entitlement holder.
408.507 - Duty of securities intermediary to comply with entitlement order.
408.510 - Rights of purchaser of security entitlement from entitlement holder.
408.511 - Priority among security interests and entitlement holders.