{"data":{"id":"us-il/810-ilcs-5-8-401","jurisdiction":"us-il","citation":"810 ILCS 5/8-401","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 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 8-204;\n(6) a demand that the issuer not register transfer has not become effective under Section 8-403, or the issuer has complied with Section 8-403(b) but no legal process or indemnity bond is obtained as provided in Section 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":["CHAPTER 810 COMMERCIAL CODE","Uniform Commercial Code."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=2301\u0026ChapterID=66\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:47Z","sha256":"086b3e445c16d28f517566a70b2585ce2f90fcf82896f5bf1bed78cc7645df8c","source_id":"us-il","stale":false,"prev":"us-il/810-ilcs-5-8-321","next":"us-il/810-ilcs-5-8-402"},"notice":"GroundRules: Original legal text. Not legal advice."}