Older Uniform Acts
- Securities Transfer Act
- Part 1
- Part 2 - Division 1
- Part 2 - Divison 2
- Part 2 - Division 3
- Part 2 - Division 4
- Part 2 - Division 5
- Part 2 - Division 6
- Part 2 - Division 7
- Part 2 - Division 8
- Part 2 - Division 9
- Part 2 - Division 10
- Part 3
- Part 4 - Division 1
- Part 4- Division 2
- Part 4 - Division 3
- Part 5
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Page 15 of 19
DIVISION 2 - ENDORSEMENTS AND INSTRUCTIONS
82(1) An endorsement may be in blank or special.
(2) An endorsement in blank includes an endorsement to bearer.
(3) For an endorsement to be a special endorsement, the endorsement must specify to whom a security is to be transferred or who has power to transfer the security.
(4) A holder may convert a blank endorsement to a special endorsement.
Endorsement of part of a security certificate
83 An endorsement purporting to be an endorsement of only part of a security certificate representing units that are intended by the issuer to be separately transferable is effective to the extent of the endorsement.
When endorsement constitutes delivery
84 An endorsement, whether special or in blank, of a security certificate does not constitute a transfer of the security
(a) until the delivery of the security certificate on which the endorsement appears, or
(b) if the endorsement is on a separate document, until the delivery of both the document on which the endorsement appears and the security certificate.
85 If a security certificate in registered form has been delivered to a purchaser without a necessary endorsement, the purchaser may become a protected purchaser only as of the time that the endorsement is supplied, but against the transferor, the transfer is complete on delivery and the purchaser has a specifically enforceable right to have any necessary endorsement supplied.
Notice of adverse claim re endorsement
86 A purported endorsement of a security certificate in bearer form may give notice of an adverse claim to the certificate, but the endorsement does not otherwise affect any right to registration that the holder has.
Obligations of endorser
87 Unless otherwise agreed, a person making an endorsement assumes only the obligations provided for under sections 40 and 42 and does not assume an obligation that the security will be honoured by the issuer.
Completion of instruction
88 If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete the instruction as authorized and the issuer may rely on the instruction as completed, even though it has been completed incorrectly.
Obligation of person initiating an instruction
89 Unless otherwise agreed, a person initiating an instruction assumes only the obligations provided for under sections 41 and 43 and does not assume an obligation that the security will be honoured by the issuer.