§490:8-304  Indorsement.  (a)  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.



(b)  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.



(c)  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.



(d)  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.



(e)  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.



(f)  Unless otherwise agreed, a person making
an indorsement assumes only the obligations provided in section 490:8-108 and
not an obligation that the security will be honored by the issuer. [L 1997, c
33, pt of §2]