California Commercial Code

§ 8404

COM § 8404 Effective Jan 1, 1997Div. 8 · Ch. 4

Statute text

(a)Except as otherwise provided in Section 8406, an issuer is liable for wrongful registration of transfer if the issuer has registered a transfer of a security to a person not entitled to it, and the transfer was registered in any of the following circumstances:

(1)Pursuant to an ineffective endorsement or instruction.

(2)After a demand that the issuer not register transfer became effective under subdivision (a) of Section 8403(a) and the issuer did not comply with subdivision (b) of Section 8403.

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Legislative history

Repealed and added by Stats. 1996, Ch. 497, Sec. 9. Effective January 1, 1997.