28-8-204 EFFECT OF ISSUER'S RESTRICTION ON TRANSFER. - Idaho Statutes

TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 8

INVESTMENT SECURITIES

PART 2.

ISSUE AND ISSUER

28-8-204. Effect of issuer’s restriction on transfer. A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person without knowledge of the restriction unless:

(1) Security is certificated and the restriction is noted conspicuously on the security certificate; or

(2) The security is uncertificated and the registered owner has been notified of the restriction.