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408.116   Securities intermediary as purchaser for value.
408.201   Issuer.
408.202   Issuer's responsibility and defenses; notice of defect or defense.
408.203   Staleness as notice of defect or defense.
408.204   Effect of issuer's restriction on transfer.
408.205   Effect of unauthorized signature on security certificate.
408.206   Completion or alteration of security certificate.
408.207   Rights and duties of issuer with respect to registered owners.
408.208   Effect of signature of authenticating trustee, registrar or transfer agent.
408.209   Issuer's lien.
408.210   Overissue.
408.301   Delivery.
408.302   Rights of purchaser.
408.303   Protected purchaser.
408.304   Endorsement.
408.305   Instruction.
408.306   Effect of guaranteeing signature, endorsement or instruction.
408.307   Purchaser's right to requisites for registration of transfer.
408.401   Duty of issuer to register transfer.
408.402   Assurance that endorsement or instruction is effective.
408.403   Demand that issuer not register transfer.
408.404   Wrongful registration.
408.405   Replacement of lost, destroyed or wrongfully taken security certificate.
408.406   Obligation to notify issuer of lost, destroyed or wrongfully taken security certificate.
408.407   Authenticating trustee, transfer agent and registrar.
408.501   Securities account; acquisition of security entitlement from securities intermediary.
408.502   Assertion of adverse claim against entitlement holder.
408.503   Property interest of entitlement holder in financial asset held by securities intermediary.
408.504   Duty of securities intermediary to maintain financial asset.
408.505   Duty of securities intermediary with respect to payments and distributions.
408.506   Duty of securities intermediary to exercise rights as directed by entitlement holder.
408.507   Duty of securities intermediary to comply with entitlement order.
408.508   Duty of securities intermediary to change entitlement holder's position to other form of security holding.
408.509   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.
408.510   Rights of purchaser of security entitlement from entitlement holder.
408.511   Priority among security interests and entitlement holders.
408.603   Saving provision.
Ch. 408 Cross-reference Cross-reference: See definitions in s. 401.201.
subch. I of ch. 408 SUBCHAPTER I
408.101 408.101 Short title. This chapter may be cited as uniform commercial code — investment securities.
408.101 History History: 1997 a. 297.
408.102 408.102 Definitions.
408.102(1)(1)In this chapter:
408.102(1)(a) (a) “Adverse claim" means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer or deal with the financial asset.
408.102(1)(b) (b) “Bearer form", as applied to a certificated security, means a form in which the security is payable to the bearer of the security certificate according to its terms but not by reason of an endorsement.
408.102(1)(c) (c) “Broker" means a person defined as a broker or dealer under the federal securities laws, but without excluding a bank acting in that capacity.
408.102(1)(d) (d) “Certificated security" means a security that is represented by a certificate.
408.102(1)(e) (e) “Clearing corporation" means:
408.102(1)(e)1. 1. A person that is registered as a “clearing agency" under the federal securities laws;
408.102(1)(e)2. 2. A federal reserve bank; or
408.102(1)(e)3. 3. Any other person that provides clearance or settlement services with respect to financial assets that would require it to register as a clearing agency under the federal securities laws but for an exclusion or exemption from the registration requirement, if its activities as a clearing corporation, including promulgation of rules, are subject to regulation by a federal or state governmental authority.
408.102(1)(f) (f) “Communicate" means to:
408.102(1)(f)1. 1. Send a signed writing; or
408.102(1)(f)2. 2. Transmit information by any mechanism agreed upon by the persons transmitting and receiving the information.
408.102(1)(fm) (fm) “Endorsement" means a signature that alone or accompanied by other words is made on a security certificate in registered form or on a separate document for the purpose of assigning, transferring or redeeming the security or granting a power to assign, transfer or redeem it.
408.102(1)(g) (g) “Entitlement holder" means a person identified in the records of a securities intermediary as the person having a security entitlement against the securities intermediary. If a person acquires a security entitlement by virtue of s. 408.501 (2) (b) or (c), that person is the entitlement holder.
408.102(1)(h) (h) “Entitlement order" means a notification communicated to a securities intermediary directing transfer or redemption of a financial asset to which the entitlement holder has a security entitlement.
408.102(1)(i)1.1. “Financial asset", except as otherwise provided in s. 408.103, means:
408.102(1)(i)1.a. a. A security;
408.102(1)(i)1.b. b. An obligation of a person or a share, participation, or other interest in a person or in property or an enterprise of a person, which is, or is of a type, dealt in or traded on financial markets, or which is recognized in any area in which it is issued or dealt in as a medium for investment; or
408.102(1)(i)1.c. c. Any property that is held by a securities intermediary for another person in a securities account if the securities intermediary has expressly agreed with the other person that the property is to be treated as a financial asset under this chapter.
408.102(1)(i)2. 2. As context requires, “financial asset" means either the interest itself or the means by which a person's claim to it is evidenced, including a certificated or uncertificated security, a security certificate or a security entitlement.
408.102(1)(j) (j) “Good faith", for purposes of the obligation of good faith in the performance or enforcement of contracts or duties within this chapter, means honesty in fact and the observance of reasonable commercial standards of fair dealing.
408.102(1)(L) (L) “Instruction" means a notification communicated to the issuer of an uncertificated security which directs that the transfer of the security be registered or that the security be redeemed.
408.102(1)(m) (m) “Registered form", as applied to a certificated security, means a form in which:
408.102(1)(m)1. 1. The security certificate specifies a person entitled to the security; and
408.102(1)(m)2. 2. A transfer of the security may be registered upon books maintained for that purpose by or on behalf of the issuer, or the security certificate so states.
408.102(1)(n) (n) “Securities intermediary" means:
408.102(1)(n)1. 1. A clearing corporation; or
408.102(1)(n)2. 2. A person, including a bank or broker, that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity.
408.102(1)(o) (o) “Security", except as otherwise provided in s. 408.103, means an obligation of an issuer or a share, participation or other interest in an issuer or in property or an enterprise of an issuer:
408.102(1)(o)1. 1. Which is represented by a security certificate in bearer or registered form, or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer;
408.102(1)(o)2. 2. Which is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests or obligations; and
408.102(1)(o)3. 3. Which:
408.102(1)(o)3.a. a. Is, or is of a type, dealt in or traded on securities exchanges or securities markets; or
408.102(1)(o)3.b. b. Is a medium for investment and by its terms expressly provides that it is a security governed by this chapter.
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