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AS 45.08.206

Completion or alteration of certificated security

Known as the Uniform Commercial Code

The act spans §§ 45–45 (615 sections).

(a) If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in another respect, (1) a person may complete it by filling in the blanks as authorized; and

(2) even if the blanks are incorrectly filled in, the security certificate as completed is enforceable by a purchaser who takes it for value and without notice of the incorrectness.

(b) A complete security certificate that has been improperly altered, even if fraudulently, remains enforceable, but only according to its original terms.

(c) [Repealed, § 68 ch 17 SLA 1996.] (d) [Repealed, § 68 ch 17 SLA 1996.]

Official source: Alaska State Legislature. Reproduced from public-domain Alaska statutes; confirm against the official source for the current text. Not legal advice.