8.8A-114 - A-114. Evidentiary rules concerning certificated securities. - Virginia Statutes

§ 8.8A-114. Evidentiary rules concerning certificated securities.

The following rules apply in an action on a certificated security against theissuer:

(1) Unless specifically denied in the pleadings, each signature on a securitycertificate or in a necessary endorsement is admitted.

(2) If the effectiveness of a signature is put in issue, the burden ofestablishing effectiveness is on the party claiming under the signature, butthe signature is presumed to be genuine or authorized.

(3) If signatures on a security certificate are admitted or established,production of the certificate entitles a holder to recover on it unless thedefendant establishes a defense or a defect going to the validity of thesecurity.

(4) If it is shown that a defense or defect exists, the plaintiff has theburden of establishing that the plaintiff or some person under whom theplaintiff claims is a person against whom the defense or defect cannot beasserted.

(1996, c. 216.)