reglab/housing_qa huggingface dataset:
MI Comp L § 440.8301 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-3 - Part 3 Purchase (440.8301...440.8321)|Section 440.8301 - Delivery of Certificated or Uncertificated Security to Purchaser.

440.8301 Delivery of certificated or uncertificated security to purchaser. Sec. 8301.  (1) Delivery of a certificated security to a purchaser occurs when 1 of the following occurs:  (a) The purchaser acquires possession of the security certificate.  (b) Another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of the purchaser or, having previously acquired possession of the certificate, acknowledges that it holds for the purchaser.  (c) A securities intermediary acting on behalf of the purchaser acquires possession of the security certificate, only if the certificate is in registered form and is (i) registered in the name of the purchaser, (ii) payable to the order of the purchaser, or (iii) specially indorsed to the purchaser by an effective indorsement and has not been endorsed to the securities intermediary or in blank.  (2) Delivery of an uncertificated security to a purchaser occurs when either of the following occurs:  (a) The issuer registers the purchaser as the registered owner, upon original issue or registration of transfer.  (b) Another person, other than a securities intermediary, either becomes the registered owner of the uncertificated security on behalf of the purchaser or, having previously become the registered owner, acknowledges that it holds for the purchaser. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998 ;-- Am. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.8302 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-3 - Part 3 Purchase (440.8301...440.8321)|Section 440.8302 - Purchaser of Security; Rights Acquired.

440.8302 Purchaser of security; rights acquired. Sec. 8302.  (1) Except as otherwise provided in subsections (2) and (3), a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer.  (2) A purchaser of a limited interest acquires rights only to the extent of the interest purchased.  (3) A purchaser of a certificated security who as a previous holder had notice of an adverse claim does not improve its position by taking from a protected purchaser. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998 ;-- Am. 2000, Act 348, Eff. July 1, 2001
MI Comp L § 440.8303 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-3 - Part 3 Purchase (440.8301...440.8321)|Section 440.8303 - “Protected Purchaser” Defined.

440.8303 “Protected purchaser” defined. Sec. 8303.  (1) "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest in a certificated or uncertificated security and meets all of the following:  (a) Gives value.  (b) Does not have notice of any adverse claim to the security.  (c) Obtains control of the certificated or uncertificated security.  (2) In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim.  History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8304 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-3 - Part 3 Purchase (440.8301...440.8321)|Section 440.8304 - Indorsement.

440.8304 Indorsement. Sec. 8304.  (1) An indorsement may be in blank or special. An indorsement in blank includes an indorsement to bearer. A special indorsement specifies to whom a security is to be transferred or who has power to transfer it. A holder may convert a blank indorsement to a special indorsement.  (2) An indorsement purporting to be only of part of a security certificate representing units intended by the issuer to be separately transferable is effective to the extent of the indorsement.  (3) An indorsement, whether special or in blank, does not constitute a transfer until delivery of the certificate on which it appears or, if the indorsement is on a separate document, until delivery of both the document and the certificate.  (4) If a security certificate in registered form has been delivered to a purchaser without a necessary indorsement, the purchaser may become a protected purchaser only when the indorsement is supplied. However, against a transferor, a transfer is complete upon delivery and the purchaser has a specifically enforceable right to have any necessary indorsement supplied.  (5) An indorsement of a security certificate in bearer form may give notice of an adverse claim to the certificate, but it does not otherwise affect a right to registration that the holder possesses.  (6) Unless otherwise agreed, a person making an indorsement assumes only the obligations provided in Section 8108 and not an obligation that the security will be honored by the issuer. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8305 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-3 - Part 3 Purchase (440.8301...440.8321)|Section 440.8305 - Initiation or Origination of Instruction; Completion; Reliance; Assumption of Obligations.

440.8305 Initiation or origination of instruction; completion; reliance; assumption of obligations. Sec. 8305.  (1) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly.  (2) Unless otherwise agreed, a person initiating an instruction assumes only the obligations imposed by Section 8108 and not an obligation that the security will be honored by the issuer.  History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8307 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-3 - Part 3 Purchase (440.8301...440.8321)|Section 440.8307 - Transfer of Security on Due Demand; Supplying Requisite Necessary to Obtain Registration; Effect of Noncompliance.

440.8307 Transfer of security on due demand; supplying requisite necessary to obtain registration; effect of noncompliance. Sec. 8307.  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. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8308-440.8321 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-3 - Part 3 Purchase (440.8301...440.8321)|Section 440.8308-440.8321 - Repealed. 1998, Act 278, Imd. Eff. July 27, 1998.

440.8308-440.8321 Repealed. 1998, Act 278, Imd. Eff. July 27, 1998. Compiler's Notes: The repealed sections pertained to indorsement, transfer, sale, and delivery of securities.
MI Comp L § 440.8401 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-4 - Part 4 Registration (440.8401...440.8408)|Section 440.8401 - Registration of Transfer; Duty and Liability of Issuer.

440.8401 Registration of transfer; duty and liability of issuer. Sec. 8401.  (1) If a certificated security in registered form is presented to an issuer with a request to register transfer or an instruction is presented to an issuer with a request to register transfer of an uncertificated security, the issuer shall register the transfer as requested if:  (a) Under the terms of the security the person seeking registration of transfer is eligible to have the security registered in its name.  (b) The indorsement or instruction is made by the appropriate person or by an agent who has actual authority to act on behalf of the appropriate person.   (c) Reasonable assurance is given that the indorsement or instruction is genuine and authorized in accordance with section 8402.  (d) Any applicable law relating to the collection of taxes has been complied with.  (e) The transfer does not violate any restriction on transfer imposed by the issuer in accordance with section 8204.  (f) A demand that the issuer not register transfer has not become effective under section 8403, or the issuer has complied with section 8403(2) but no legal process or indemnity bond is obtained as provided in section 8403(4).  (g) The transfer is in fact rightful or is to a protected purchaser.  (2) 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 unreasonable delay in registration or failure or refusal to register the transfer. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8402 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-4 - Part 4 Registration (440.8401...440.8408)|Section 440.8402 - Indorsement as Genuine and Authorized; Assurance; Definitions.

440.8402 Indorsement as genuine and authorized; assurance; definitions. Sec. 8402.  (1) The issuer may require the following assurance that each necessary indorsement or each instruction is genuine and authorized:   (a) In all cases, a guarantee of the signature of the person making an indorsement or originating an instruction including, in the case of an instruction, reasonable assurance of identity.   (b) If the indorsement is made or the instruction is originated by an agent, appropriate assurance of actual authority to sign.  (c) If the indorsement is made or the instruction is originated by a fiduciary pursuant to section 8107(1)(d) or (e), appropriate evidence of appointment or incumbency.  (d) If there is more than 1 fiduciary, reasonable assurance that all who are required to sign have done so.   (e) If the indorsement is made or the instruction is originated by a person not covered by another provision of this subsection, assurance appropriate to the case corresponding as nearly as may be to the provisions of this subsection.  (2) An issuer may elect to require reasonable assurance beyond that specified in this section.  (3) As used in this section:  (a) "Guarantee of the signature" means a guarantee signed by or on behalf of a person reasonably believed by the issuer to be responsible. The issuer may adopt standards with respect to responsibility if the standards are not manifestly unreasonable.  (b) "Appropriate evidence of appointment or incumbency" means either of the following:   (i) In the case of a fiduciary appointed or qualified by a court, a certificate issued by or under the direction or supervision of that court or an officer of that court and dated within 60 days before the date of presentation for transfer.   (ii) In any other case, a copy of a document showing the appointment or a certificate issued by or on behalf of a person reasonably believed by the issuer to be responsible or, in the absence of that document or certificate, other evidence the issuer reasonably considered appropriate.  History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8404 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-4 - Part 4 Registration (440.8401...440.8408)|Section 440.8404 - Liability of Issuer for Wrongful Registration or Transfer.

440.8404 Liability of issuer for wrongful registration or transfer. Sec. 8404.  (1) Except as otherwise provided in section 8406, an issuer is liable for wrongful registration of transfer if the issuer has registered a transfer of a security to a person not entitled to it, and the transfer was registered in 1 or more of the following ways:  (a) Pursuant to an ineffective indorsement or instruction.  (b) After a demand that the issuer not register transfer became effective under section 8403(1) and the issuer did not comply with section 8403(2).   (c) After the issuer had been served with an injunction, restraining order, or other legal process enjoining it from registering the transfer, issued by a court of competent jurisdiction, and the issuer had a reasonable opportunity to act on the injunction, restraining order, or other legal process.  (d) By an issuer acting in collusion with the wrongdoer.  (2) An issuer that is liable for wrongful registration of transfer under subsection (1) on demand shall provide the person entitled to the security with a like certificated or uncertificated security, and any payments or distributions that the person did not receive as a result of the wrongful registration. If an overissue would result, the issuer's liability to provide the person with a like security is governed by section 8210.  (3) Except as otherwise provided in subsection (1) or in a law relating to the collection of taxes, an issuer is not liable to an owner or other person suffering loss as a result of the registration of a transfer of a security if registration was made pursuant to an effective indorsement or instruction. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8405 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-4 - Part 4 Registration (440.8401...440.8408)|Section 440.8405 - Lost, Destroyed, or Wrongfully Taken Securities.

440.8405 Lost, destroyed, or wrongfully taken securities.  Sec. 8405.  (1) If an owner of a certificated security, whether in registered or bearer form, claims that the certificate has been lost, destroyed, or wrongfully taken, the issuer shall issue a new certificate if the owner does all of the following:  (a) Requests before the issuer has notice that the certificate has been acquired by a protected purchaser.   (b) Files with the issuer a sufficient indemnity bond.  (c) Satisfies other reasonable requirements imposed by the issuer.  (2) If, after the issue of a new security certificate, a protected purchaser of the original certificate presents it for registration of transfer, the issuer shall register the transfer unless an overissue would result. In that case, the issuer's liability is governed by section 8210. In addition to any rights on the indemnity bond, an issuer may recover the new certificate from a person to whom it was issued or any person taking under that person, except a protected purchaser. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8406 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-4 - Part 4 Registration (440.8401...440.8408)|Section 440.8406 - Lost, Destroyed, or Wrongfully Taken Security Certificate; Failure to Notify Issuer.

440.8406 Lost, destroyed, or wrongfully taken security certificate; failure to notify issuer. Sec. 8406.  If a security certificate has been lost, apparently destroyed, or wrongfully taken, and the owner fails to notify the issuer of that fact within a reasonable time after the owner has notice of it and the issuer registers a transfer of the security before receiving notification, the owner may not assert against the issuer a claim for registering the transfer under section 8404 or a claim to a new security certificate under section 8405. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8407 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-4 - Part 4 Registration (440.8401...440.8408)|Section 440.8407 - Authenticating Trustee, Transfer Agent, Registrar, or Other Agent; Obligation to Holder or Owner of Certificate.

440.8407 Authenticating trustee, transfer agent, registrar, or other agent; obligation to holder or owner of certificate. Sec. 8407.  A person acting as authenticating trustee, transfer agent, registrar, or other agent for an issuer in the registration of a transfer of its securities, in the issue of new security certificates or uncertificated securities, or in the cancellation of surrendered security certificates has the same obligation to the holder or owner of a certificated or uncertificated security with regard to the particular functions performed as the issuer has in regard to those functions. History: Add. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8408 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-4 - Part 4 Registration (440.8401...440.8408)|Section 440.8408 - Repealed. 1998, Act 278, Imd. Eff. July 27, 1998.

440.8408 Repealed. 1998, Act 278, Imd. Eff. July 27, 1998. Compiler's Notes: The repealed section pertained to written statements sent by issuer to new registered owner.
MI Comp L § 440.8501 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-5 - Part 5 Security Entitlements (440.8501...440.8511)|Section 440.8501 - “Securities Account” Defined; Acquisition of Security Entitlement; Conditions; Directly Held Financial Asset; Issuance Not as Security Entitlement.

440.8501 “Securities account” defined; acquisition of security entitlement; conditions; directly held financial asset; issuance not as security entitlement. Sec. 8501.  (1) "Securities account" means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset.  (2) Except as otherwise provided in subsections (4) and (5), a person acquires a security entitlement if a securities intermediary does 1 or more of the following:   (a) Indicates by book entry that a financial asset has been credited to the person's securities account.   (b) Receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person's securities account.   (c) Becomes obligated under other law, regulation, or rule to credit a financial asset to the person's securities account.  (3) If 1 or more conditions described in subsection (2)(a), (b), or (c) have been met, a person has a security entitlement even though the securities intermediary does not itself hold the financial asset.  (4) If a securities intermediary holds a financial asset for another person, and the financial asset is registered in the name of, payable to the order of, or specially indorsed to the other person, and has not been indorsed to the securities intermediary or in blank, the other person is treated as holding the financial asset directly rather than as having a security entitlement with respect to the financial asset.  (5) Issuance of a security is not establishment of a security entitlement. History: Add. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8502 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-5 - Part 5 Security Entitlements (440.8501...440.8511)|Section 440.8502 - Action Based on Adverse Claim.

440.8502 Action based on adverse claim. Sec. 8502.  An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquires a security entitlement under section 8501 for value and without notice of the adverse claim. History: Add. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8504 (2021)
2021 Michigan Compiled Laws|Chapter 440 - Uniform Commercial Code|Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)|Article 8 - Investment Securities (440.8101...440.8601)|174-1962-8-5 - Part 5 Security Entitlements (440.8501...440.8511)|Section 440.8504 - Maintenance of Financial Asset by Securities Intermediary; Quantity; Manner; Limitation; Duties; Applicability to Clearing Corporation.

440.8504 Maintenance of financial asset by securities intermediary; quantity; manner; limitation; duties; applicability to clearing corporation. Sec. 8504.  (1) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it has established in favor of its entitlement holders with respect to that financial asset. The securities intermediary may maintain those financial assets directly or through 1 or more other securities intermediaries.  (2) Except to the extent otherwise agreed by its entitlement holder, a securities intermediary may not grant any security interests in a financial asset it is obligated to maintain pursuant to subsection (1).  (3) A securities intermediary satisfies the duty in subsection (1) if the securities intermediary does either of the following:  (a) Acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary.   (b) In the absence of agreement, exercises due care in accordance with reasonable commercial standards to obtain and maintain the financial asset.  (4) This section does not apply to a clearing corporation that is itself the obligor of an option or similar obligation to which its entitlement holders have security entitlements. History: Add. 1998, Act 278, Imd. Eff. July 27, 1998