Section 70A-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 as provided in Section 70A-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 Section 70A-8-204;(f) a demand that the issuer not register transfer has not become effective under Section 70A-8-403, or the issuer has complied with Subsection 70A-8-403(2) but no legal process or indemnity bond is obtained as provided in Subsection 70A-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.Repealed and Re-enacted by Chapter 204, 1996 General Session