Unless otherwise agreed, the transferor of a security on due demand shall supply the purchaser with proof of authority to transfer or with any other requisite necessary to obtain registration of the transfer of the security, but if the transfer is not for value, a transferor need not comply unless the purchaser pays the necessary expenses. If the transferor fails within a reasonable time to comply with the demand, the purchaser may reject or rescind the transfer. (1899, c. 733, s. 49; Rev., s. 2198; C.S., s. 3030; 1941, c. 353, s. 9; G.S., s. 55-89; 1955, c. 1371, s. 2; 1965, c. 700, s. 1; 1989, c. 588, s. 1; 1997-181, s. 1.)
Sections: Previous 25-8-210 25-8-301 25-8-302 25-8-303 25-8-304 25-8-305 25-8-306 25-8-307 25-8-401 25-8-402 25-8-403 25-8-404 25-8-405 25-8-406 25-8-407 Next
Last modified: March 23, 2014