reglab/housing_qa huggingface dataset:
MI Comp L § 440.8104 (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)|174-1962-8-1 - Part 1 Short Title and General Matters (440.8101...440.8116)|Section 440.8104 - Security or Interest in Security; Financial Asset; Security Entitlement; Acquisition; Placing Security or Financial Asset in Possession of Another Person.

440.8104 Security or interest in security; financial asset; security entitlement; acquisition; placing security or financial asset in possession of another person. Sec. 8104.  (1) A person acquires a security or an interest in a security under this article in either of the following situations:  (a) The person is a purchaser to whom a security is delivered pursuant to section 8301.  (b) The person acquires a security entitlement to the security pursuant to section 8501.   (2) A person acquires a financial asset, other than a security, or an interest in the security, under this article, if the person acquires a security entitlement to the financial asset.   (3) A person who acquires a security entitlement to a security or other financial asset has the rights specified in part 5, but is a purchaser of any security, security entitlement, or other financial asset held by the securities intermediary only to the extent provided in section 8503.  (4) Unless the context shows that a different meaning is intended, a person who is required by other law, regulation, rule, or agreement to transfer, deliver, present, surrender, exchange, or otherwise put in the possession of another person a security or financial asset satisfies that requirement by causing the other person to acquire an interest in the security or financial asset pursuant to subsection (1) or (2). 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 § 440.8105 (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)|174-1962-8-1 - Part 1 Short Title and General Matters (440.8101...440.8116)|Section 440.8105 - Notice of Adverse Claim.

440.8105 Notice of adverse claim. Sec. 8105.  (1) A person has notice of an adverse claim if 1 or more of the following apply:  (a) The person knows of the adverse claim.  (b) The person is aware of facts sufficient to indicate that there is a significant probability that the adverse claim exists and deliberately avoids information that would establish the existence of the adverse claim.  (c) The person has a duty, imposed by statute or regulation, to investigate whether an adverse claim exists, and the investigation so required would establish the existence of the adverse claim.  (2) Having knowledge that a financial asset or interest in a financial asset is or has been transferred by a representative imposes no duty of inquiry into the rightfulness of a transaction and is not notice of an adverse claim. However, a person who knows that a representative has transferred a financial asset or interest in a financial asset in a transaction that is, or whose proceeds are being used, for the individual benefit of the representative or otherwise in breach of duty has notice of an adverse claim.  (3) An act or event that creates a right to immediate performance of the principal obligation represented by a security certificate or sets a date on or after which the certificate is to be presented or surrendered for redemption or exchange does not itself constitute notice of an adverse claim except in the case of a transfer that meets either of the following:  (a) Is more than 1 year after a date set for presentment or surrender for redemption or exchange.   (b) Is more than 6 months after a date set for payment of money against presentation or surrender of the certificate, if money was available for payment on that date.   (4) A purchaser of a certificated security has notice of an adverse claim if the security certificate applies to 1 of the following:  (a) Whether in bearer or registered form, has been indorsed "for collection" or "for surrender" or for some other purpose not involving transfer.  (b) Is in bearer form and has on it an unambiguous statement that it is the property of a person other than the transferor, but the mere writing of a name on the certificate is not such a statement.  (5) Filing of a financing statement under article 9 is not notice of an adverse claim to a financial asset. 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 § 440.8109 (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)|174-1962-8-1 - Part 1 Short Title and General Matters (440.8101...440.8116)|Section 440.8109 - Warranty to Securities Intermediary.

440.8109 Warranty to securities intermediary. Sec. 8109.  (1) A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary both of the following:   (a) The entitlement order is made by an appropriate person, or if the entitlement order is by an agent, the agent has actual authority to act on behalf of the appropriate person.   (b) There is no adverse claim to the security entitlement.  (2) A person who delivers a security certificate to a securities intermediary for credit to a securities account or originates an instruction with respect to an uncertificated security directing that the uncertificated security be credited to a securities account makes to the securities intermediary the warranties specified in section 8108(1) or (2).  (3) If a securities intermediary delivers a security certificate to its entitlement holder or causes its entitlement holder to be registered as the owner of an uncertificated security, the securities intermediary makes to the entitlement holder the warranties specified in section 8108(1) or (2). History: Add. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8111 (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)|174-1962-8-1 - Part 1 Short Title and General Matters (440.8101...440.8116)|Section 440.8111 - Rule Adopted by Clearing Corporation; Effect.

440.8111 Rule adopted by clearing corporation; effect.  Sec. 8111.  A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing corporation is effective even if the rule conflicts with this act and affects another party who does not consent to the rule. History: Add. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8112 (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)|174-1962-8-1 - Part 1 Short Title and General Matters (440.8101...440.8116)|Section 440.8112 - Reaching Interest of Debtor.

440.8112 Reaching interest of debtor. Sec. 8112.  (1) The interest of a debtor in a certificated security may be reached by a creditor only by actual seizure of the security certificate by the officer making the attachment or levy, except as otherwise provided in subsection (4). However, a certificated security for which the certificate has been surrendered to the issuer may be reached by a creditor by legal process upon the issuer.  (2) The interest of a debtor in an uncertificated security may be reached by a creditor only by legal process upon the issuer at its chief executive office in the United States, except as otherwise provided in subsection (4).  (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 subsection (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.  (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. History: Add. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8113 (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)|174-1962-8-1 - Part 1 Short Title and General Matters (440.8101...440.8116)|Section 440.8113 - Sale or Purchase of Security; Enforcement of Contract or Contract Modification.

440.8113 Sale or purchase of security; enforcement of contract or contract modification. Sec. 8113.  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 1 year of its making. History: Add. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8114 (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)|174-1962-8-1 - Part 1 Short Title and General Matters (440.8101...440.8116)|Section 440.8114 - Action on Certificated Security Against Issuer; Rules.

440.8114 Action on certificated security against issuer; rules. Sec. 8114.  The following rules apply in an action on a certificated security against the issuer:  (a) Unless specifically denied in the pleadings, each signature on a security certificate or in a necessary indorsement is admitted.  (b) 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.  (c) 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.  (d) 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. History: Add. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8115 (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)|174-1962-8-1 - Part 1 Short Title and General Matters (440.8101...440.8116)|Section 440.8115 - Transferring or Dealing With Financial Asset; Liability of Securities Intermediary, Broker, or Agent.

440.8115 Transferring or dealing with financial asset; liability of securities intermediary, broker, or agent. Sec. 8115.  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 did 1 or more of the following:  (a) 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.  (b) Acted in collusion with the wrongdoer in violating the rights of the adverse claimant.   (c) In the case of a security certificate that has been stolen, acted with notice of the adverse claim. History: Add. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8116 (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)|174-1962-8-1 - Part 1 Short Title and General Matters (440.8101...440.8116)|Section 440.8116 - Securities Intermediary as Purchaser for Value of Financial Asset; Acquisition of Security Entitlement for Value.

440.8116 Securities intermediary as purchaser for value of financial asset; acquisition of security entitlement for value. Sec. 8116.  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. History: Add. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8201 (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)|174-1962-8-2 - Part 2 Issue—issuer (440.8201...440.8210)|Section 440.8201 - “Issuer” Defined.

440.8201 “Issuer” defined. Sec. 8201.  (1) With respect to an obligation on or a defense to a security, an "issuer" includes a person that does 1 or more of the following:   (a) Places or authorizes the placing of its name on a security certificate, other than as authenticating trustee, registrar, transfer agent, or similar person, 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.   (b) Creates a share, participation, or other interest in its property or in an enterprise, or undertakes an obligation, that is an uncertificated security.   (c) Directly or indirectly creates a fractional interest in its rights or property, if the fractional interest is represented by a security certificate.  (d) Becomes responsible for, or in place of, another person described as an issuer in this section.  (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.  (3) With respect to a registration of a transfer, issuer means a person on whose behalf transfer books are maintained. 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 § 440.8203 (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)|174-1962-8-2 - Part 2 Issue—issuer (440.8201...440.8210)|Section 440.8203 - Conditions to Charging Purchaser With Notice of Defect.

440.8203 Conditions to charging purchaser with notice of defect. Sec. 8203.  After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security is to be presented or surrendered for redemption or exchange, a purchaser is charged with notice of any defect in its issue or defense of the issuer, if the act or event:  (a) Requires the payment of money, the delivery of a certificated security, the registration of transfer of an uncertificated security, or any of them on presentation or surrender of the security certificate, the money or security is available on the date set for payment or exchange, and the purchaser takes the security more than 1 year after that date.  (b) Is not covered by subdivision (a) and the purchaser takes the security more than 2 years after the date set for surrender or presentation or the date on which performance became due.  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 § 440.8204 (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)|174-1962-8-2 - Part 2 Issue—issuer (440.8201...440.8210)|Section 440.8204 - Restriction on Transfer of Security.

440.8204 Restriction on transfer of security. Sec. 8204.  A restriction on transfer of a security imposed by the issuer, even though otherwise lawful, is ineffective against a person without knowledge of the restriction unless:   (a) The security is certificated and the restriction is noted conspicuously on the certificate.  (b) The security is uncertificated and the registered owner has been notified of the restriction.  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 § 440.8205 (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)|174-1962-8-2 - Part 2 Issue—issuer (440.8201...440.8210)|Section 440.8205 - Unauthorized Signature.

440.8205 Unauthorized signature. Sec. 8205.  An unauthorized signature placed on a security certificate before or in the course of issue is ineffective, but the signature is effective in favor of a purchaser for value of the certificated security if the purchaser is without notice of the lack of authority and the signing has been done by:  (a) An authenticating trustee, registrar, transfer agent, or other person entrusted by the issuer with the signing of the security certificate, or of similar security certificates, or the immediate preparation for signing of any of them.  (b) An employee of the issuer, or of any of the persons listed in subdivision (a) entrusted with responsible handling of the security certificate. 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 § 440.8206 (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)|174-1962-8-2 - Part 2 Issue—issuer (440.8201...440.8210)|Section 440.8206 - Completion or Alteration of Security Certificate.

440.8206 Completion or alteration of security certificate.  Sec. 8206.  (1) If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in any other respect, it may be completed as follows:  (a) Any person may complete it by filling in the blanks as authorized.   (b) Even though the blanks are incorrectly filled in, the security as completed is enforceable by a purchaser who took it for value and without notice of the incorrectness.   (2) A complete security certificate that has been improperly altered, even if fraudulently, remains enforceable, but only according to its original terms.  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 § 440.8207 (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)|174-1962-8-2 - Part 2 Issue—issuer (440.8201...440.8210)|Section 440.8207 - Rights of Issuer or Indenture Trustee With Respect to Registered Owner.

440.8207 Rights of issuer or indenture trustee with respect to registered owner. Sec. 8207.  (1) Before due presentment for registration of transfer of a certificated security in registered form, or of an instruction requesting registration of transfer of an uncertificated security, the issuer or indenture trustee may treat the registered owner as the person exclusively entitled to vote, receive notifications, and otherwise exercise all the rights and powers of an owner.  (2) This article does not affect the liability of the registered owner of a security for a call, assessment, or the like. 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 § 440.8208 (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)|174-1962-8-2 - Part 2 Issue—issuer (440.8201...440.8210)|Section 440.8208 - Warranty of Person Signing Security Certificate.

440.8208 Warranty of person signing security certificate.  Sec. 8208.  (1) A person signing a security certificate as authenticating trustee, registrar, transfer agent, or the like, warrants to a purchaser for value of the certificated security, if the purchaser is without notice of the particular defect, that:  (a) The certificate is genuine.   (b) The person's own participation in the issue of the security is within the person's capacity and within the scope of the authority received by the person from the issuer.   (c) The person has reasonable grounds to believe that the certificated security is in the form and within the amount the issuer is authorized to issue.  (2) Unless otherwise agreed, a person signing under subsection (1) does not assume responsibility for the validity of the security in other respects.  History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1964, Act 250, Eff. Aug. 28, 1964 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998
MI Comp L § 440.8210 (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)|174-1962-8-2 - Part 2 Issue—issuer (440.8201...440.8210)|Section 440.8210 - Overissue.

440.8210 Overissue. Sec. 8210.  (1) In this section, "overissue" means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue does not occur if appropriate action has cured the overissue.   (2) Except as otherwise provided in subsections (3) and (4), the provisions of this article which validate a security or compel its issue or reissue do not apply to the extent that validation, issue, or reissue would result in overissue.  (3) If an identical security not constituting an overissue is reasonably available for purchase, a person entitled to issue or validation may compel the issuer to purchase the security and deliver it if certificated or register its transfer if uncertificated, against surrender of any security certificate the person holds.  (4) If a security is not reasonably available for purchase, a person entitled to issue or validation may recover from the issuer the price the person or the last purchaser for value paid for it with interest from the date of the person's demand. History: Add. 1998, Act 278, Imd. Eff. July 27, 1998