§ 6A-8-114 - Evidentiary rules concerning certificated securities. - Rhode Island Statutes

SECTION 6A-8-114

   § 6A-8-114  Evidentiary rules concerningcertificated securities. – The following rules apply in an action on a certificated security against theissuer:

   (1) Unless specifically denied in the pleadings, eachsignature on a security certificate or in a necessary indorsement is admitted.

   (2) If the effectiveness of a signature is put in issue, theburden of establishing effectiveness is on the party claiming under thesignature, but the signature is presumed to be genuine or authorized.

   (3) If signatures on a security certificate are admitted orestablished, production of the certificate entitles a holder to recover on itunless the defendant establishes a defense or a defect going to the validity ofthe security.

   (4) If it is shown that a defense or defect exists, theplaintiff has the burden of establishing that the plaintiff or some personunder whom the plaintiff claims is a person against whom the defense or defectcannot be asserted.