The following rules apply in an action on a certificated security against the issuer:
(1) unless specifically denied in the pleadings, each signature on a security certificate or in a necessary endorsement is admitted;
(2) if the effectiveness of a signature is put in issue, the burden of establishing effectiveness is on the party claiming under the signature, but the signature is presumed to be genuine or authorized;
(3) if signatures on a security certificate are admitted or established, production of the certificate entitles a holder to recover on it unless the defendant establishes a defense or a defect going to the validity of the security;
(4) if it is shown that a defense or defect exists, the plaintiff has the burden of establishing that the plaintiff or some person under whom the plaintiff claims is a person against whom the defense or defect cannot be asserted.
Section: Previous 45.08.103 45.08.104 45.08.105 45.08.106 45.08.107 45.08.108 45.08.109 45.08.110 45.08.111 45.08.112 45.08.113 45.08.114 45.08.115 45.08.116 NextLast modified: November 15, 2016