Section 355.8-304 - Indorsement(1) An indorsement may be in blank or special. An indorsement in blank includes an indorsement to bearer. A special indorsement specifies to whom a security is to be transferred or who has power to transfer it. A holder may convert a blank indorsement to a special indorsement.(2) An indorsement purporting to be only of part of a security certificate representing units intended by the issuer to be separately transferable is effective to the extent of the indorsement.(3) An indorsement, whether special or in blank, does not constitute a transfer until delivery of the certificate on which it appears or, if the indorsement is on a separate document, until delivery of both the document and the certificate.(4) If a security certificate in registered form has been delivered to a purchaser without a necessary indorsement, the purchaser may become a protected purchaser only when the indorsement is supplied. However, against a transferor, a transfer is complete upon delivery and the purchaser has a specifically enforceable right to have any necessary indorsement supplied.(5) An indorsement of a security certificate in bearer form may give notice of an adverse claim to the certificate, but it does not otherwise affect a right to registration that the holder possesses.(6) Unless otherwise agreed, a person making an indorsement assumes only the obligations provided in KRS 355.8-108 and not an obligation that the security will be honored by the issuer.Effective:1/1/1997
Repealed and reenacted 1996, Ky. Acts ch. 130, sec. 143, effective1/1/1997. -- Amended 1986 Ky. Acts ch. 118, sec. 28, effective 7/1/1987. -- Created 1958 Ky. Acts ch. 77, sec. 8-304.