24.40.160 Purchaser's Right to Requisites for Registration of Transfer, Pledge, or Release on Books

Unless otherwise agreed, the transferor of a certificated security or the transferor, pledgor, or pledgee of an uncertificated security on due demand must supply his or her purchaser with any proof of his or her authority to transfer, pledge, or release or with any other requisite necessary to obtain registration of the transfer, pledge, or lease of the security; but if the transfer, pledge, or release is not for value, a transferor, pledgor, or pledgee need not do so unless the purchaser furnishes the necessary expenses. Failure within a reasonable time to comply with a demand made gives the purchaser the right to reject or rescind the transfer, pledge, or release.