The following rules apply in an action on a certificated security against the issuer:
(A) Unless specifically denied in the pleadings, each signature on a security certificate or in a necessary indorsement is admitted;
(B) 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;
(C) 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;
(D) 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.
Effective Date: 01-01-1998
Section: Previous 1308.01 1308.02 1308.03 1308.04 1308.05 1308.06 1308.07 1308.08 1308.09 1308.10 1308.11 1308.12 1308.13 1308.14 1308.15 NextLast modified: October 10, 2016