Revised Code of Washington - RCW Title 62A Uniform Commercial Code - Chapter 8 Investment Securities
- 62A.8-101 Short title
This Article may be cited as Uniform Commercial CodeInvestment Securities.[1995 c 48 § 1; 1965 ex.s. c 157 § 8-101.]Notes: Effective date -- 1995 c ...
- 62A.8-102 Definitions
(1) In this Article: (a) "Adverse claim" means a claim that a claimant has a property interest in a financial asset and that it is ...
- 62A.8-103 Rules for determining whether certain obligations and interests are securities or financial assets
(1) A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security. (2) An "investment ...
- 62A.8-104 Acquisition of security or financial asset or interest therein
(1) A person acquires a security or an interest therein, under this Article, if: (a) The person is a purchaser to whom a security is ...
- 62A.8-105 Notice of adverse claim
(1) A person has notice of an adverse claim if: (a) The person knows of the adverse claim; (b) The person is aware of facts ...
- 62A.8-106 Control
(1) A purchaser has "control" of a certificated security in bearer form if the certificated security is delivered to the purchaser. (2) A purchaser has ...
- 62A.8-107 Whether indorsement, instruction, or entitlement is effective
(1) "Appropriate person" means: (a) With respect to an indorsement, the person specified by a security certificate or by an effective special indorsement to be ...
- 62A.8-108 Warranties in direct holding
(1) A person who transfers a certificated security to a purchaser for value warrants to the purchaser, and an indorser, if the transfer is by ...
- 62A.8-109 Warranties in indirect holding
(1) A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that: (a) The entitlement order is made by ...
- 62A.8-110 Applicability; choice of law
(1) The local law of the issuer's jurisdiction, as specified in subsection (4) of this section, governs: (a) The validity of a security; (b) The ...
- 62A.8-111 Clearing corporation rules
A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing corporation is effective even ...
- 62A.8-112 Creditor's legal process
(1) The interest of a debtor in a certificated security may be reached by a creditor only by actual seizure of the security certificate by ...
- 62A.8-113 Statute of frauds inapplicable
A contract or modification of a contract for the sale or purchase of a security is enforceable whether or not there is a writing signed ...
- 62A.8-114 Evidentiary rules concerning certificated securities
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 ...
- 62A.8-115 Securities intermediary and others not liable to adverse claimant
A securities intermediary that has transferred a financial asset pursuant to an effective entitlement order, or a broker or other agent or bailee that has ...
- 62A.8-116 Securities intermediary as purchaser 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 a ...
- 62A.8-201 Issuer
(1) With respect to an obligation on or a defense to a security, an "issuer" includes a person that: (a) Places or authorizes the placing ...
- 62A.8-202 Issuer's responsibility and defenses; notice of defect or defense
(1) Even against a purchaser for value and without notice, the terms of a certificated security include terms stated on the certificate and terms made ...
- 62A.8-203 Staleness as notice of defect or defense
After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by ...
- 62A.8-204 Effect of issuer's restrictions on transfer
A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person without knowledge of the restriction ...
- 62A.8-205 Effect of unauthorized signature on security certificate
An unauthorized signature placed on a security certificate before or in the course of issue is ineffective, but the signature is effective in favor of ...
- 62A.8-206 Completion or alteration of security certificate
(1) If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in any other respect: (a) Any person may ...
- 62A.8-207 Rights and duties of issuer with respect to registered owners
(1) Before due presentment for registration of transfer of a certificated security in registered form or of an instruction requesting registration of transfer of an ...
- 62A.8-208 Effect of signature of authenticating trustee, registrar, or transfer agent
(1) A person signing a security certificate as authenticating trustee, registrar, transfer agent, or the like, warrants to a purchaser for value of the certificated ...
- 62A.8-209 Issuer's lien
A lien in favor of an issuer upon a certificated security is valid against a purchaser only if the right of the issuer to the ...
- 62A.8-210 Overissue
(1) In this section, "overissue" means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue ...
- 62A.8-301 Delivery
(1) Delivery of a certificated security to a purchaser occurs when: (a) The purchaser acquires possession of the security certificate; (b) Another person, other than ...
- 62A.8-302 Rights of purchaser
(1) Except as otherwise provided in subsections (2) and (3) of this section, a purchaser of a certificated or uncertificated security acquires all rights in ...
- 62A.8-303 Protected purchaser
(1) "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest therein, who: (a) Gives value; (b) Does not have ...
- 62A.8-304 Indorsement
(1) An indorsement may be in blank or special. An indorsement in blank includes an indorsement to bearer. A special indorsement specifies to whom a ...
- 62A.8-305 Instruction
(1) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized ...
- 62A.8-306 Effect of guaranteeing signature, indorsement, or instruction
(1) A person who guarantees a signature of an indorser of a security certificate warrants that at the time of signing: (a) The signature was ...
- 62A.8-307 Purchaser's right to requisites for registration of transfer
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 ...
- 62A.8-401 Duty of issuer to register transfer
(1) If a certificated security in registered form is presented to the issuer with a request to register transfer or an instruction is presented to ...
- 62A.8-402 Assurance that indorsement or instruction is effective
(1) An issuer may require the following assurance that each necessary indorsement or each instruction is genuine and authorized: (a) In all cases, a guaranty ...
- 62A.8-403 Demand that issuer not register transfer
(1) A person who is an appropriate person to make an indorsement or originate an instruction may demand that the issuer not register transfer of ...
- 62A.8-404 Wrongful registration
(1) Except as otherwise provided in RCW 62A.8-406, an issuer is liable for wrongful registration of transfer if the issuer has registered a transfer of ...
- 62A.8-405 Replacement of lost, destroyed, or wrongfully taken security certificate
(1) If an owner of a certificated security, whether in registered or bearer form, claims that the certificate has been lost, destroyed, or wrongfully taken, ...
- 62A.8-406 Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate
If a security certificate has been lost, apparently destroyed, or wrongfully taken, and the owner fails to notify the issuer of that fact within a ...
- 62A.8-407 Authenticating trustee, transfer agent, and registrar
A person acting as authenticating trustee, transfer agent, registrar, or other agent for an issuer in the registration of a transfer of its securities, in ...
- 62A.8-501 Securities account; acquisition of security entitlement from securities intermediary
(1) "Securities account" means an account to which a financial asset is or may be credited in accordance with an agreement under which the person ...
- 62A.8-502 Assertion of adverse claim against entitlement holder
An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not ...
- 62A.8-503 Property interest of entitlement holder in financial asset held by securities intermediary
(1) To the extent necessary for a securities intermediary to satisfy all security entitlements with respect to a particular financial asset, all interests in that ...
- 62A.8-504 Duty of securities intermediary to maintain financial asset
(1) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it ...
- 62A.8-505 Duty of securities intermediary with respect to payments and distributions
(1) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies ...
- 62A.8-506 Duty of securities intermediary to exercise rights as directed by entitlement holder
A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfies ...
- 62A.8-507 Duty of securities intermediary to comply with entitlement order
(1) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had ...
- 62A.8-508 Duty of securities intermediary to change entitlement holder's position to other form of security holding
A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which ...
- 62A.8-509 Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder
(1) If the substance of a duty imposed upon a securities intermediary by RCW 62A.8-504 through 62A.8-508 is the subject of other statute, regulation, or ...
- 62A.8-510 Rights of purchaser of security entitlement from entitlement holder
(1) In a case not covered by the priority rules in Article 9A or the rules stated in subsection (3) of this section, an action ...
- 62A.8-511 Priority among security interests and entitlement holders
(1) Except as otherwise provided in subsections (2) and (3) of this section, if a securities intermediary does not have sufficient interests in a particular ...
- 62A.8-601 Savings clause
(1) Chapter 48, Laws of 1995 does not affect an action or proceeding commenced before April 17, 1995. (2) If a security interest in a ...
Last modified: April 7, 2009