Okla. Stat. tit. 12A § 8-204

Current through Laws 2024, c. 453.

Section 8-204 - Effect of Issuer's Restrictions on Transfer

A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person without knowledge of the restriction unless:

(1) the security is certificated and the restriction is noted conspicuously on the security certificate; or

(2) the security is uncertificated and the registered owner has been notified of the restriction.

Okla. Stat. tit. 12A, § 8-204

Added by Laws 1961, p. 154, § 8-204. Amended by Laws 1984, HB 1800, c. 76, § 13, eff. 11/1/1984; Amended by Laws 1995, SB 522, c. 242, § 20, eff. 2/1/1996.

Oklahoma Code Comment

Section 8-204 governs an issuer's restriction on transfer; restrictions by agreement and restrictions imposed by statute are not affected. Generally, such a restriction is ineffective against a person without knowledge of the restriction unless (i) the restriction is noted conspicuously on the face of the security certificate, or (ii) the security is uncertificated and the registered owner has been notified of the restriction. Cf. UCC § 3-302.

Prior Statutory Provisions:

18 Okla. Stat. § 1.103 (1947).

Pre-revision UCC § 8-204.