There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Article 8 Investment Securities
355.8.404 Wrongful registration.
Download pdfnot entitled to it, and the transfer was registered:
(a) Pursuant to an ineffective indorsement or instruction;
(b) After a demand that the issuer not register transfer became effective under KRS 355.8-403(1) and the issuer did not comply with KRS 355.8-403(2); (c) After the issuer had been served with an injunction, restraining order, or other legal process enjoining it from registering the transfer, issued by a court of
competent jurisdiction, and the issuer had a reasonable opportunity to act on
the injunction, restraining order, or other legal process; or (d) By an issuer acting in collusion with the wrongdoer. (2) An issuer that is liable for wrongful registration of transfer under subsection (1) of this section on demand shall provide the person entitled to the security with a like
certificated or uncertificated security, and any payments or distributions that the
person did not receive as a result of the wrongful registration. If an overissue would
result, the issuer's liability to provide the person with a like security is governed by
KRS 355.8-210. (3) Except as otherwise provided in subsection (1) of this section or in a law relating to the collection of taxes, an issuer is not liable to an owner or other person suffering
loss as a result of the registration of a transfer of a security if registration was made
pursuant to an effective indorsement or instruction. Effective: January 1, 1997
History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 150, effective January 1, 1997. -- Amended 1986 Ky. Acts ch. 118, sec. 49, effective July 1, 1987. -- Created
1958 Ky. Acts ch. 77, sec. 8-404, effective July 1, 1960.
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