Completion or Alteration of Security Certificate

  1. Law
  2. Georgia Code
  3. Commercial Code
  4. Investment Securities
  5. Issue and Issuer
  6. Completion or Alteration of Security Certificate

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  1. If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in any other respect:
    1. Any person may complete it by filling in the blanks as authorized; and
    2. Even if the blanks are incorrectly filled in, the security certificate as completed is enforceable by a purchaser who took it for value and without notice of the incorrectness.
  2. A complete security certificate that has been improperly altered, even if fraudulently, remains enforceable, but only according to its original terms.

(Code 1981, §11-8-206, enacted by Ga. L. 1998, p. 1323, § 1.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 4 Am. Jur. 2d, Alteration of Instruments, § 28. 15A Am. Jur. 2d, Commercial Code, §§ 84, 85.

C.J.S.

- 3A C.J.S., Alteration of Instruments, § 1 et seq. 18 C.J.S., Corporations, § 141. 19 C.J.S., Corporations, § 662. 64A C.J.S., Municipal Corporations, §§ 1723, 1724. 81A C.J.S., States, § 190.

U.L.A.

- Uniform Commercial Code (U.L.A.) § 8-206.

ALR.

- Burden of proof as to alteration not apparent on face of instrument, 31 A.L.R. 1455.

Uniform Stock Transfer Act as applicable to shares in savings and loan associations or building and loan associations, 143 A.L.R. 1152.


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