{"data":{"id":"us-vt/9a-v.s.a.-8-304","jurisdiction":"us-vt","citation":"9A V.S.A. § 8—304","heading":"Indorsement","body":"(a) An 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(b) An 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(c) An 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(d) If 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(e) An 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(f) Unless otherwise agreed, a person making an indorsement assumes only the obligations provided in section 8—108 of this title and not an obligation that the security will be honored by the issuer.","path":["Title 9A: Uniform Commercial Code","Article 008: Investment Securities"],"source_url":"https://legislature.vermont.gov/statutes/fullchapter/09A/008","current_through":"2025 session","vintage":"","retrieved_at":"2026-09-05T14:56:51Z","sha256":"2a75b99d80523775f82a18907030a24771feff5d94622faf1801e426a14106ff","source_id":"us-vt","stale":false,"prev":"us-vt/9a-v.s.a.-8-303","next":"us-vt/9a-v.s.a.-8-305"},"notice":"GroundRules: Original legal text. Not legal advice."}