62A.8-401 - Duty of issuer to register transfer.

Duty of issuer to register transfer.

(1) If a certificated security in registered form is presented to the issuer with a request to register transfer or an instruction is presented to the 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 (RCW 62A.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 RCW 62A.8-204;

     (f) A demand that the issuer not register transfer has not become effective under RCW 62A.8-403, or the issuer has complied with RCW 62A.8-403(2) but no legal process or indemnity bond is obtained as provided in RCW 62A.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.

[1995 c 48 § 34; 1986 c 35 § 37; 1965 ex.s. c 157 § 8-401.]

Notes: Effective date -- 1995 c 48: See RCW 62A.11-113.