Unless otherwise agreed, the transferor of a security on due demand shall supply the purchaser with proof of authority to transfer or with any other requisite necessary to obtain registration of the transfer of the security, but if the transfer is not for value, a transferor need not comply unless the purchaser pays the necessary expenses. If the transferor fails within a reasonable time to comply with the demand, the purchaser may reject or rescind the transfer.
Ala. Code § 7-8-307
Purchaser’s Right to Requisites for Registration of Transfer.
Known as the Uniform Commercial Code
The act spans §§ 7-10-101 to 7-9A-809 (703 sections).
(Acts 1996, No. 96-742, p. 1241, §1.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.