Section 355.8-401 - Duty of issuer to register transfer(1) If a certificated security in registered form is presented to an issuer with a request to register transfer or an instruction is presented to an issuer with a request to register transfer of an uncertificated security, the issuer shall register the transfer as requested if:(a) Under the terms of the security the person seeking registration of transfer is eligible to have the security registered in its name;(b) The indorsement or instruction is made by the appropriate person or by an agent who has actual authority to act on behalf of the appropriate person;(c) Reasonable assurance is given that the indorsement or instruction is genuine and authorized (KRS 355.8-402);(d) Any applicable law relating to the collection of taxes has been complied with;(e) The transfer does not violate any restriction on transfer imposed by the issuer in accordance with KRS 355.8-204;(f) A demand that the issuer not register transfer has not become effective under KRS 355.8-403, or the issuer has complied with KRS 355.8-403(2) but no legal process or indemnity bond is obtained as provided in KRS 355.8-403(4); and(g) The transfer is in fact rightful or is to a protected purchaser.(2) If an issuer is under a duty to register a transfer of a security, the issuer is liable to a person presenting a certificated security or an instruction for registration or to the person's principal for loss resulting from unreasonable delay in registration or failure or refusal to register the transfer.Effective:1/1/1997
Repealed and reenacted 1996, Ky. Acts ch. 130, sec. 147, effective1/1/1997. -- Amended 1986 Ky. Acts ch. 118, sec. 46, effective 7/1/1987. -- Created 1958 Ky. Acts ch. 77, sec. 8-401, effective 7/1/1960.