2006 Minnesota Statutes

336.8-304 MS 1994 [Repealed, 1995 c 194 art 1 s 53]
336.8-304 ENDORSEMENT.
(a) An endorsement may be in blank or special. An endorsement in blank includes an
endorsement to bearer. A special endorsement specifies to whom a security is to be transferred or
who has power to transfer it. A holder may convert a blank endorsement to a special endorsement.
(b) An endorsement purporting to be only part of a security certificate representing units
intended by the issuer to be separately transferable is effective to the extent of the endorsement.
(c) An endorsement, whether special or in blank, does not constitute a transfer until delivery
of the certificate on which it appears or, if the endorsement is on a separate document, until
delivery of both the document and the certificate.
(d) If a security certificate in registered form has been delivered to a purchaser without
a necessary endorsement, the purchaser may become a protected purchaser only when the
endorsement is supplied. However, against a transferor, a transfer is complete upon delivery and
the purchaser has a specifically enforceable right to have any necessary endorsement supplied.
(e) An endorsement 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.
(f) Unless otherwise agreed, a person making an endorsement assumes only the obligations
provided in section 336.8-108 and not an obligation that the security will be honored by the issuer.
History: 1995 c 194 art 1 s 30