43-1-2 - Transfer -- By delivery -- By endorsement -- Rights of transferee. - Utah Statutes

State Codes and Statutes

Statutes > Utah > Title-43 > Chapter-01 > 43-1-2

43-1-2. Transfer -- By delivery -- By endorsement -- Rights of transferee.

Title to any security receipt, or equipment trust certificate, which by its terms entitles thebearer to the benefits thereof, may be transferred by delivery by any person in possession of thesame, howsoever such possession may have been acquired.
Title to any security receipt, or equipment trust certificate, which by its terms entitles theperson named therein to the benefits thereof, and which provides in substance that title thereto istransferable with the same effect as in the case of a negotiable instrument, may be transferred bydelivery by any person in possession of the same, howsoever such possession may have beenacquired, if endorsed in blank or, if it is endorsed to a specified person, by delivery by such otherperson.
A person to whom title is so transferred, who takes any such instrument for present orantecedent value, without notice of prior defenses, equities or claims of ownership enforceableagainst the transferor, shall have absolute title thereto free of any defenses enforceable against, orclaims of ownership of, the signer or any prior holder. The holder of any such security receipt, orequipment trust certificate, unless the same has been endorsed in blank by such specified person,shall be deemed prima facie to have title thereto as aforesaid; but when it is shown that the title ofany person who has negotiated such instrument is defective, the burden is on the holder to provethat he, or some person under whom he claims, acquired title as a holder for value and withoutnotice as aforesaid.
The provisions of this section shall not be applicable to the transfer of any security receipt,or equipment trust certificate, when it is shown that such transfer was made after the date fixedtherein for performance by the signer of his obligations thereunder, or, if no date is so fixed, afterthe expiration of a reasonable time after the happening of the contingency upon which the signerbecame obligated to perform.

No Change Since 1953

State Codes and Statutes

Statutes > Utah > Title-43 > Chapter-01 > 43-1-2

43-1-2. Transfer -- By delivery -- By endorsement -- Rights of transferee.

Title to any security receipt, or equipment trust certificate, which by its terms entitles thebearer to the benefits thereof, may be transferred by delivery by any person in possession of thesame, howsoever such possession may have been acquired.
Title to any security receipt, or equipment trust certificate, which by its terms entitles theperson named therein to the benefits thereof, and which provides in substance that title thereto istransferable with the same effect as in the case of a negotiable instrument, may be transferred bydelivery by any person in possession of the same, howsoever such possession may have beenacquired, if endorsed in blank or, if it is endorsed to a specified person, by delivery by such otherperson.
A person to whom title is so transferred, who takes any such instrument for present orantecedent value, without notice of prior defenses, equities or claims of ownership enforceableagainst the transferor, shall have absolute title thereto free of any defenses enforceable against, orclaims of ownership of, the signer or any prior holder. The holder of any such security receipt, orequipment trust certificate, unless the same has been endorsed in blank by such specified person,shall be deemed prima facie to have title thereto as aforesaid; but when it is shown that the title ofany person who has negotiated such instrument is defective, the burden is on the holder to provethat he, or some person under whom he claims, acquired title as a holder for value and withoutnotice as aforesaid.
The provisions of this section shall not be applicable to the transfer of any security receipt,or equipment trust certificate, when it is shown that such transfer was made after the date fixedtherein for performance by the signer of his obligations thereunder, or, if no date is so fixed, afterthe expiration of a reasonable time after the happening of the contingency upon which the signerbecame obligated to perform.

No Change Since 1953

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-43 > Chapter-01 > 43-1-2

43-1-2. Transfer -- By delivery -- By endorsement -- Rights of transferee.

Title to any security receipt, or equipment trust certificate, which by its terms entitles thebearer to the benefits thereof, may be transferred by delivery by any person in possession of thesame, howsoever such possession may have been acquired.
Title to any security receipt, or equipment trust certificate, which by its terms entitles theperson named therein to the benefits thereof, and which provides in substance that title thereto istransferable with the same effect as in the case of a negotiable instrument, may be transferred bydelivery by any person in possession of the same, howsoever such possession may have beenacquired, if endorsed in blank or, if it is endorsed to a specified person, by delivery by such otherperson.
A person to whom title is so transferred, who takes any such instrument for present orantecedent value, without notice of prior defenses, equities or claims of ownership enforceableagainst the transferor, shall have absolute title thereto free of any defenses enforceable against, orclaims of ownership of, the signer or any prior holder. The holder of any such security receipt, orequipment trust certificate, unless the same has been endorsed in blank by such specified person,shall be deemed prima facie to have title thereto as aforesaid; but when it is shown that the title ofany person who has negotiated such instrument is defective, the burden is on the holder to provethat he, or some person under whom he claims, acquired title as a holder for value and withoutnotice as aforesaid.
The provisions of this section shall not be applicable to the transfer of any security receipt,or equipment trust certificate, when it is shown that such transfer was made after the date fixedtherein for performance by the signer of his obligations thereunder, or, if no date is so fixed, afterthe expiration of a reasonable time after the happening of the contingency upon which the signerbecame obligated to perform.

No Change Since 1953