2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 83 - Transfer of Certificated and Uncertificated Securities
Section 8304 - Indorsement

     § 8304.  Indorsement.
        (a)  Blank and special indorsement.--An indorsement may be in
     blank or special. An indorsement in blank includes an
     indorsement to bearer. A special indorsement specifies to whom a
     security is to be transferred or who has power to transfer it. A
     holder may convert a blank indorsement to a special indorsement.
        (b)  Effect of partial indorsement.--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.
        (c)  Effect of indorsement without delivery.--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.
        (d)  Effect of delivery without indorsement; right to compel
     indorsement.--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.
        (e)  Indorsement of security certificate in bearer form.--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.
        (f)  Indorser not a guarantor.--Unless otherwise agreed, a
     person making an indorsement assumes only the obligations
     provided in section 8108 (relating to warranties in direct
     holding) and not an obligation that the security will be honored
     by the issuer.