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U.C.C. - ARTICLE 8 - INVESTMENT SECURITIES
..PART 1. SHORT TITLE AND GENERAL MATTERS

§ 8-103. Issuer's Lien.

A lien upon a security in favor of an issuer thereof is valid against a purchaser only if:

  • (a) the security is certificated and the right of the issuer to the lien is noted conspicuously thereon; or
  • (b) the security is uncertificated and a notation of the right of the issuer to the lien is contained in the initial transaction statement sent to the purchaser or, if his interest is transferred to him other than by registration of transfer, pledge, or release, the initial transaction statement sent to the registered owner or the registered pledgee.

As amended in 1977.

See Appendix I for material relating to changes made in text in 1977.

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© Copyright 2005 by The American Law Institute and the National Conference of Commissioners on Uniform State Laws; reproduced, published and distributed with the permission of the Permanent Editorial Board for the Uniform Commercial Code for the limited purposes of study, teaching, and academic research.