§490:8-114  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 indorsement 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. [L 1997, c 33, pt of §2]