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.
(Code 1981, §11-8-307, enacted by Ga. L. 1998, p. 1323, § 1.)
RESEARCH REFERENCES
U.L.A.
- Uniform Commercial Code (U.L.A.) § 8-307.
ALR.
- Right or duty of corporation to refuse to transfer stock on books to one presenting properly endorsed certificate, because of knowledge or suspicion of conflicting rights of registered holder or of third person, 139 A.L.R. 273; 75 A.L.R.2d 746.
PART 4 REGISTRATION