Page:United States Statutes at Large Volume 77.djvu/764

 732

PUBLIC LAW 88-243-DEC. 30, 1%3

[77 STAT.

ARTICLE 8—INVESTMENT SECURITIES— Continued PART 3—PURCHASE^—Continued

Sec. 28:8—313. 28:8—314. 28:8—315. 28:8—316. 28:8—317. 28:8—318. 28:8—319. 28:8—320.

When delivery to the purchaser occurs; purchaser's broker as holder. Duty to deliver, when completed. Action against purchaser based upon v^•rongful transfer. Purchaser's right to requisites for registration of transfer on books. Attachment or levy upon security. No conversion by good faith delivery. Statute of frauds. Transfer or pledge within a central depository system. PART 4—REGISTRATION

28:8—401. 28:8—402. 28:8—403. 28:8—404. 28:8—405. 28:8—406. 28:8—407.

Duty of issuer to register transfer. Assurance that indorsements are effective. Limited duty of inquiry. Liability and non-liability for registration. Lost, destroyed, and stolen securities. Duty of authenticating trustee, transfer agent or registrar. Limitation of actions.

PART 1—SHORT TITLE A N D GENERAL MATTERS Citation of ai^^'^^^^

§28:8—101. Short title This article shall be known and may be cited as Uniform Commercial Code—Investment Securities. § 28:8—102. Definitions and index of definitions (1) I n this article unless the context otherwise requires (a) A "security" is an instrument which (i) is issued in bearer or registered form; and (ii) is of a type commonly dealt in upon securities exchanges or markets or commonly recognized in any area in which it is issued or dealt in as a medium for investment; and (iii) is either one of a class or series or by its terms is divisible into a class or series of instruments; and (iv) evidences a share, participation or other interest in property or in an enterprise or evidences an obligation of the issuer. (b) A writing which is a security is governed by this article and not by Uniform Commercial Code—Commercial Paper even though it also meets the requirements of that article. This article does not apply to money. (c) A security is in "registered form" when it specifies a person entitled to the security or to the rights it evidences and when its transfer may be registered upon books maintained for that purpose by or on behalf of an issuer or the security so states. (d) A security is in "bearer form" when it runs to bearer according to its terms and not by reason of any indorsement. (2) A "subsequent purchaser" is a person who takes other than by original issue. (3) A "clearing corporation" is a corporation all of the capital stock of which is held by or for a national securities exchange or association registered under a statute of the United States such as the Securities p:xchange Act of 1934. (4) A "custodian bank" is any bank or trust company which is supervised and examined by state or federal authority having supervision over banks and which is acting as custodian for a clearing corporation.

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