Michigan Compiled Laws 174-1962-8-1 Part 1 Short Title And General Matters (440.8101...440.8116)

• Section 440.8101 Uniform Commercial Code—investment Securities; Cited As.
  This article may be cited as uniform commercial code—investment securities. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1998, Act 278, Imd....
• Section 440.8102 Definitions.
  (1) As used in this article: (a) "Adverse claim" means a claim that a claimant has a property interest in a financial asset and...
• Section 440.8103 Share Or Equity Interest As Security; "Investment Company Security" Defined; Interest In Partnership Or Limited Liability Company As Security Or Financial Asset; Writing; Option Or Similar Obligation Issued By Clearing Corporation As Financial Asset; Commodity Contract; Financial Asset.
  (1) A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security. (2) An...
• Section 440.8104 Security Or Interest In Security; Financial Asset; Security Entitlement; Acquisition; Placing Security Or Financial Asset In Possession Of Another Person.
  (1) A person acquires a security or an interest in a security under this article in either of the following situations: (a) The person...
• Section 440.8105 Notice Of Adverse Claim.
  (1) A person has notice of an adverse claim if 1 or more of the following apply: (a) The person knows of the adverse...
• Section 440.8106 Certificated Security In Bearer Form; Certificated Security In Registered Form; Uncertificated Security; Security Entitlement; Control; Agreement By Issuer Or Securities Intermediary.
  (1) A purchaser has “control” of a certificated security in bearer form if the certificated security is delivered to the purchaser. (2) A purchaser...
• Section 440.8107 “appropriate Person” Defined; Effectiveness Of Indorsement, Instruction, Or Entitlement Order.
  (1) “Appropriate person” means 1 or more of the following: (a) With respect to an indorsement, the person specified by a security certificate or...
• Section 440.8108 Warranty To Purchaser.
  (1) A person who transfers a certificated security to a purchaser for value warrants to the purchaser, and an indorser, if the transfer is...
• Section 440.8109 Warranty To Securities Intermediary.
  (1) A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary both of the following: (a) The entitlement...
• Section 440.8110 Jurisdiction.
  (1) The law of the issuer's jurisdiction, as specified in subsection (4), governs all of the following: (a) The validity of a security. (b)...
• Section 440.8111 Rule Adopted By Clearing Corporation; Effect.
  A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing corporation is effective...
• Section 440.8112 Reaching Interest Of Debtor.
  (1) The interest of a debtor in a certificated security may be reached by a creditor only by actual seizure of the security certificate...
• Section 440.8113 Sale Or Purchase Of Security; Enforcement Of Contract Or Contract Modification.
  A contract or modification of a contract for the sale or purchase of a security is enforceable whether or not there is a writing...
• Section 440.8114 Action On Certificated Security Against Issuer; Rules.
  The following rules apply in an action on a certificated security against the issuer: (a) Unless specifically denied in the pleadings, each signature on...
• Section 440.8115 Transferring Or Dealing With Financial Asset; Liability Of Securities Intermediary, Broker, Or Agent.
  A securities intermediary that has transferred a financial asset pursuant to an effective entitlement order, or a broker or other agent or bailee that...
• Section 440.8116 Securities Intermediary As Purchaser For Value Of Financial Asset; Acquisition Of Security Entitlement For Value.
  A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of an entitlement holder is...

Last modified: October 10, 2016