22-5-6 - Adverse claims to transfer of security by a fiduciary -- Notice. - Utah Statutes

22-5-6. Adverse claims to transfer of security by a fiduciary -- Notice.
(1) A person asserting a claim of beneficial interest adverse to the transfer of a securitypursuant to an assignment by a fiduciary may give the corporation or transfer agent written noticeof the claim. The corporation or transfer agent is not put on notice unless the written noticeidentifies the claimant, the registered owner and the issue of which the security is a part, providesan address for communications directed to the claimant and is received before the transfer.Nothing in this act relieves the corporation or transfer agent of any liability for making orrefusing to make the transfer after it is so put on notice, unless it proceeds in the mannerauthorized in Subsection (2).
(2) As soon as practicable after the presentation of a security for transfer pursuant to anassignment by a fiduciary, a corporation or transfer agent which has received notice of a claim ofbeneficial interest adverse to the transfer may send notice of the presentation by registered orcertified mail to the claimant at the address given by him. If the corporation or transfer agent somails such a notice it shall withhold the transfer for 30 days after the mailing and shall then makethe transfer unless restrained by a court order.

Amended by Chapter 20, 1995 General Session