2007 Minnesota Statutes

336.8-114 EVIDENTIARY RULES CONCERNING CERTIFICATED SECURITIES.
The following rules apply in an action on a certificated security against the issuer:
(1) Unless specifically denied in the pleadings, each signature on a security certificate or in a
necessary endorsement is admitted.
(2) If the effectiveness of a signature is put in issue, the burden of establishing effectiveness
is on the party claiming under the signature, but the signature is presumed to be genuine or
authorized.
(3) If signatures on a security certificate are admitted or established, production of the
certificate entitles a holder to recover on it unless the defendant establishes a defense or a defect
going to the validity of the security.
(4) If it is shown that a defense or defect exists, the plaintiff has the burden of establishing
that the plaintiff or some person under whom the plaintiff claims is a person against whom the
defense or defect cannot be asserted.
History: 1995 c 194 art 1 s 14