47-8401 - Arizona Statutes

47-8401. Duty of issuer to register transfer A. If a certificated security in registered form is presented to an issuer with a request to register transfer or an instruction is presented to an issuer with a request to register transfer of an uncertificated security, the issuer shall register the transfer as requested if: 1. Under the terms of the security the person seeking registration of transfer is eligible to have the security registered in its name; 2. The indorsement or instruction is made by the appropriate person or by an agent who has actual authority to act on behalf of the appropriate person; 3. Reasonable assurance is given that the indorsement or instruction is genuine and authorized in accordance with section 47-8402; 4. Any applicable law relating to the collection of taxes has been complied with; 5. The transfer does not violate any restriction on transfer imposed by the issuer in accordance with section 47-8204; 6. A demand that the issuer not register transfer has not become effective under section 47-8403, or the issuer has complied with section 47-8403, subsection B but no legal process or indemnity bond is obtained as provided in section 47-8403, subsection D; and 7. The transfer is in fact rightful or is to a protected purchaser. B. If an issuer is under a duty to register a transfer of a security, the issuer is liable to a person presenting a certificated security or an instruction for registration or to the person's principal for loss resulting from unreasonable delay in registration or failure or refusal to register the transfer.