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Can you summarize MNST 336.8-401?
UNIFORM COMMERCIAL CODE > DUTY OF ISSUER TO REGISTER TRANSFER.
Short Summary
This provision, part of the Minnesota Statutes under the Uniform Commercial Code, governs the duty of an issuer to register the transfer of a certificated security or an instruction for registration of an uncertificated security. The issuer is required to register the transfer if certain conditions are met, including eligibility of the person seeking registration, proper endorsement or instruction, assurance of genuineness and authorization, compliance with tax laws, absence of transfer restrictions imposed by the issuer, absence of effective demand to not register transfer, and rightful transfer or transfer to a protected purchaser. Failure or refusal to register the transfer may result in liability to the person presenting the security or instruction for loss caused by unreasonable delay or failure to register. There are no specific exemptions mentioned in this provision.
Whom does it apply to?
Issuers of certificated securities and uncertificated securities
What does it govern?
Duty of issuer to register transfer
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Liability 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.
Jurisdiction
Minnesota