{"data":{"id":"us-mi/mich.-comp.-laws-440.8304","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 440.8304","heading":"Indorsement.","body":"Sec. 8304.\n\nAn indorsement may be in blank or special. An indorsement in blank includes an indorsement to bearer. A special indorsement specifies to whom a security is to be transferred or who has power to transfer it. A holder may convert a blank indorsement to a special indorsement.\n\nAn indorsement purporting to be only of part of a security certificate representing units intended by the issuer to be separately transferable is effective to the extent of the indorsement.\n\nAn indorsement, whether special or in blank, does not constitute a transfer until delivery of the certificate on which it appears or, if the indorsement is on a separate document, until delivery of both the document and the certificate.\n\nIf a security certificate in registered form has been delivered to a purchaser without a necessary indorsement, the purchaser may become a protected purchaser only when the indorsement is supplied. However, against a transferor, a transfer is complete upon delivery and the purchaser has a specifically enforceable right to have any necessary indorsement supplied.\n\nAn indorsement of a security certificate in bearer form may give notice of an adverse claim to the certificate, but it does not otherwise affect a right to registration that the holder possesses.\n\nUnless otherwise agreed, a person making an indorsement assumes only the obligations provided in Section 8108 and not an obligation that the security will be honored by the issuer.","path":["MI Code","Chapter 440","Act Act-174-of-1962"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-440-8304","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"8e0abcf4eab8f5d3cce9d49c784f31fcc9dfe7ba7f38a6781942b7d8e77e2109","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-440.8303","next":"us-mi/mich.-comp.-laws-440.8305"},"notice":"GroundRules: Original legal text. Not legal advice."}