{"data":{"id":"us-al/ala.-code-7-8-401","jurisdiction":"us-al","citation":"Ala. Code § 7-8-401","heading":"Duty of Issuer to Register Transfer.","body":"(a) If a certificated security in registered form is presented to an issuer with a request to register transfer or an instruction is presented to an issuer with a request to register transfer of an uncertificated security, the issuer shall register the transfer as requested if:\n(1) under the terms of the security the person seeking registration of transfer is eligible to have the security registered in its name;\n(2) the indorsement or instruction is made by the appropriate person or by an agent who has actual authority to act on behalf of the appropriate person;\n(3) reasonable assurance is given that the indorsement or instruction is genuine and authorized (Section 7-8-402);\n(4) any applicable law relating to the collection of taxes has been complied with;\n(5) the transfer does not violate any restriction on transfer imposed by the issuer in accordance with Section 7-8-204;\n(6) a demand that the issuer not register transfer has not become effective under Section 7-8-403, or the issuer has complied with Section 7-8-403(b) but no legal process or indemnity bond is obtained as provided in Section 7-8-403(d); and\n(7) the transfer is in fact rightful or is to a protected purchaser.\n(b) If an issuer is under a duty to register a transfer of a security, the issuer is liable to a person presenting a certificated security or an instruction for registration or to the person’s principal for loss resulting from unreasonable delay in registration or failure or refusal to register the transfer.","path":["Title 7 Commercial Code.","Article 8 Investment Securities.","Part 4 Registration."],"source_url":"https://alison.legislature.state.al.us/code-of-alabama?section=7-8-401","current_through":"Act 2026-611","vintage":"","retrieved_at":"2026-09-03T14:01:52Z","sha256":"a2ac89ca7f6f61ac01433e680c5a163d36ee5fcbb73de1ef08a307762d3a3791","source_id":"us-al","stale":false,"prev":"us-al/ala.-code-7-8-307","next":"us-al/ala.-code-7-8-402"},"notice":"GroundRules: Original legal text. Not legal advice."}