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Can you summarize MNST 336.8-108?
UNIFORM COMMERCIAL CODE > WARRANTIES IN DIRECT HOLDING.
Short Summary
This legal document, governed by the Uniform Commercial Code under the Trade Regulations and Consumer Protection in Minnesota Statutes, outlines the warranties associated with the transfer and endorsement of certificated and uncertificated securities. The document specifies the warranties that a transferor or endorser provides to the purchaser, including the genuineness and non-alteration of the certificate, absence of adverse claims, compliance with transfer restrictions, and the effectiveness and rightful nature of the transfer. It also covers warranties related to instructions for registration of transfer, endorsements of security certificates, and actions taken by brokers. The document does not mention any exemptions or penalties. Overall, it establishes the legal obligations and assurances related to the transfer and endorsement of securities in direct holding transactions.
Whom does it apply to?
Persons who transfer or endorse certificated or uncertificated securities
What does it govern?
Warranties in direct holding
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota