2009 Kentucky Revised StatutesDownload pdf
Article 8 Investment Securities
transferred or who has power to transfer it. A holder may convert a blank
indorsement to a special indorsement. (2) An indorsement purporting to be only of part of a security certificate representing units intended by the issuer to be separately transferable is effective to the extent of
the indorsement. (3) An indorsement, whether special or in blank, does not constitute a transfer until delivery of the certificate on which it appears or, if the indorsement 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 indorsement, the purchaser may become a protected purchaser only
when the indorsement is supplied. However, against a transferor, a transfer is
complete upon delivery and the purchaser has a specifically enforceable right to
have any necessary indorsement supplied. (5) An indorsement 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 indorsement assumes only the obligations provided in KRS 355.8-108 and not an obligation that the security will
be honored by the issuer. Effective: January 1, 1997
History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 143, effective January 1, 1997. -- Amended 1986 Ky. Acts ch. 118, sec. 28, effective July 1, 1987. -- Created
1958 Ky. Acts ch. 77, sec. 8-304.
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