Okla. Stat. tit. 12A § 8-206

Current through Laws 2024, c. 453.

Section 8-206 - Completion or Alteration of Security Certificate

(a) If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in any other respect:

(1) any person may complete it by filling in the blanks as authorized; and

(2) even if the blanks are incorrectly filled in, the security certificate as completed is enforceable by a purchaser who took it for value and without notice of the incorrectness.

(b) A complete security certificate that has been improperly altered, even if fraudulently, remains enforceable, but only according to its original terms.

Okla. Stat. tit. 12A, § 8-206

Laws 1961, p. 154, § 8-206; Amended by Laws 1984, HB 1800, c. 76, § 15, eff. 11/1/1984; Amended by Laws 1995, SB 522, c. 242, § 22, eff. 2/1/1996.

Oklahoma Code Comment

Section 8-206 deals with completion or alteration of security certificates. Generally, any person can complete a certificate by filling in any blanks as authorized. Even if the blanks are incorrectly filled in, the certificate will be enforceable, as completed, by a purchaser for value and without notice. Cf. UCC § 3-115. A complete certificate that has been improperly altered is enforceable only according to its original terms. Cf. UCC § 3-407.

Prior Statutory Provisions:

18 Okla. Stat. § 1.104 (1947).

48 Okla. Stat. §§ 33-36, 266 (1910).

Pre-revision UCC § 8-206.