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Can you summarize MNST 336.8-210?
UNIFORM COMMERCIAL CODE > OVERISSUE.
Short Summary
This legal document pertains to the overissue of securities. It defines overissue as the issuance of securities in excess of the amount the issuer has the power to issue, unless appropriate action has cured the overissue. The provisions of this document validate or compel the issue or reissue of securities, but they do not apply if it would result in overissue. If an identical security that is not an overissue is reasonably available for purchase, a person entitled to issue or validation may compel the issuer to purchase and deliver it against surrender of any security certificate held. If a security is not reasonably available for purchase, a person entitled to issue or validation may recover from the issuer the price paid for it with interest from the date of the person’s demand. This document was enacted in 1995.
Whom does it apply to?
Issuers of securities
What does it govern?
Overissue of securities
What are exemptions?
None mentioned
What are the Penalties?
None mentioned
Jurisdiction
Minnesota