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2025 Pennsylvania Consolidated & Unconsolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 82 - Issue and Issuer
Section 8204 - Effect of issuer's restriction on transfer
Universal Citation:
13 PA Cons Stat § 8204 (2025)
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§ 8204. Effect of issuer's restriction on transfer.
A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person without knowledge of the restriction unless:
(1) the security is certificated and the restriction is noted conspicuously on the security certificate; or
(2) the security is uncertificated and the registered owner has been notified of the restriction.
Cross References. Section 8204 is referred to in section 8401 of this title.
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