Section 45.08.401. Duty of issuer to register transfer.

   (a) If a certificated security in registered form is presented to the issuer with a request to register transfer or an instruction is presented to the issuer with a request to register transfer of an uncertificated security, the issuer shall register the transfer as requested if
        (1) under the terms of the security the person seeking registration of transfer is eligible to have the security registered in the person's name;
        (2) the endorsement or instruction is made by the appropriate person or by an agent who has actual authority to act on behalf of the appropriate person;
        (3) reasonable assurance is given under AS 45.08.402 that the endorsement or instruction is genuine and authorized;
        (4) applicable law relating to the collection of taxes has been complied with;
        (5) the transfer does not violate a restriction on transfer imposed by the issuer under AS 45.08.204;
        (6) a demand that the issuer not register transfer has not become effective under AS 45.08.403, or the issuer has complied with AS 45.08.403(b) but legal process or indemnity bond is not obtained under AS 45.08.403(d); and
        (7) the transfer is in fact rightful or is to a protected purchaser.
   (b) If an issuer is under a duty to register a transfer of a security, the issuer is liable to a person presenting a certificated security or an instruction for registration or to the person's principal for loss resulting from an unreasonable delay in registration or failure or refusal to register the transfer.

Authorities

45.05.678

Notes

References

AS 45.05.678

History

(Sec. 8.401 ch 114 SLA 1962; am Sec. 44 ch 49 SLA 1990; am Sec. 36, 37 ch 17 SLA 1996)