408.112(3)(3) The interest of a debtor in a security entitlement may be reached by a creditor only by legal process upon the securities intermediary with whom the debtor’s securities account is maintained, except as otherwise provided in sub. (4). 408.112(4)(4) The interest of a debtor in a certificated security for which the certificate is in the possession of a secured party, or in an uncertificated security registered in the name of a secured party, or a security entitlement maintained in the name of a secured party, may be reached by a creditor by legal process upon the secured party. 408.112(5)(5) A creditor whose debtor is the owner of a certificated security, uncertificated security or security entitlement is entitled to aid from a court of competent jurisdiction, by injunction or otherwise, in reaching the certificated security, uncertificated security or security entitlement or in satisfying the claim by means allowed at law or in equity in regard to property that cannot readily be reached by other legal process. 408.112 HistoryHistory: 1997 a. 297. 408.113408.113 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 or record authenticated by a party against whom enforcement is sought, even if the contract or modification is not capable of performance within one year of its making. 408.113 HistoryHistory: 1997 a. 297. 408.114408.114 Evidentiary rules concerning certificated securities. The following rules apply in an action on a certificated security against the issuer: 408.114(1)(1) Unless specifically denied in the pleadings, each signature on a security certificate or in a necessary endorsement is admitted. 408.114(2)(2) 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. 408.114(3)(3) 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. 408.114(4)(4) 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. 408.114 HistoryHistory: 1997 a. 297. 408.115408.115 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 dealt with a financial asset at the direction of its customer or principal, is not liable to a person having an adverse claim to the financial asset, unless the securities intermediary, or broker or other agent or bailee: 408.115(1)(1) Took the action after it had been served with an injunction, restraining order, or other legal process enjoining it from doing so, issued by a court of competent jurisdiction, and had a reasonable opportunity to act on the injunction, restraining order or other legal process; or 408.115(2)(2) Acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or 408.115(3)(3) In the case of a security certificate that has been stolen, acted with notice of the adverse claim. 408.115 HistoryHistory: 1997 a. 297. 408.116408.116 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 purchaser for value of the financial asset. A securities intermediary that acquires a security entitlement to a financial asset from another securities intermediary acquires the security entitlement for value if the securities intermediary acquiring the security entitlement establishes a security entitlement to the financial asset in favor of an entitlement holder. 408.116 HistoryHistory: 1997 a. 297. ISSUE AND ISSUER
408.201(1)(1) With respect to an obligation on or a defense to a security, an “issuer” includes a person that: 408.201(1)(a)(a) Places or authorizes the placing of its name on a security certificate, other than as authenticating trustee, registrar, transfer agent or the like, to evidence a share, participation or other interest in its property or in an enterprise, or to evidence its duty to perform an obligation represented by the certificate; 408.201(1)(b)(b) Creates a share, participation or other interest in its property or in an enterprise, or undertakes an obligation, that is an uncertificated security; 408.201(1)(c)(c) Directly or indirectly creates a fractional interest in its rights or property, if the fractional interest is represented by a security certificate; or 408.201(1)(d)(d) Becomes responsible for, or in place of, another person described as an issuer in this section. 408.201(2)(2) With respect to an obligation on or defense to a security, a guarantor is an issuer to the extent of its guaranty, whether or not its obligation is noted on a security certificate. 408.201(3)(3) With respect to a registration of a transfer, “issuer” means a person on whose behalf transfer books are maintained.