24.41.010 Duty of Issuer to Register Transfer, Pledge, or Release

(a) If a certificated security in registered form is presented to the issuer with a request to register transfer or an instruction is presented to the issuer with a request to register transfer, pledge, or release, the issuer shall register the transfer, pledge, or release as requested if:

(1) the security is indorsed or the instruction was originated by the appropriate person or persons (Section 24.40.080);

(2) reasonable assurance is given that those endorsements or instructions are genuine and effective (Section 24.41.020);

(3) the issuer has no duty as to adverse claims or has discharged the duty (Section 24.41.030);

(4) any applicable law relating to the collection of taxes has been complied with. However, if spouses own stock as joint tenants with rights of survivorship and a joint tenant spouse dies, the stock ownership may be transferred to the surviving spouse without a department of revenue waiver to transfer pursuant to Chapter 24.10, by mailing to the department of revenue and the issuer of the stock a certified copy of the death certificate; and

(5) the transfer, pledge, or release is in fact rightful or is to a bona fide purchaser.

(b) If an issuer is under a duty to register a transfer, pledge, or release of a security, the issuer is also liable to the person presenting a certificated security or an instruction for registration or his or her principal for loss resulting from any unreasonable delay in registration or from failure or refusal to register the transfer, pledge, or release.