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Me. Rev. Stat. tit. 11, § 8-1204

Effect of issuer's restriction on transfer

Known as the Uniform Commercial Code

The act spans §§ 2-101 to 9-1709 (548 sections).

PL 1997, c. 429, §B2 (NEW).

A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person without knowledge of the restriction unless:

(1). The security is certificated and the restriction is noted conspicuously on the security certificate; or

(2). The security is uncertificated and the registered owner has been notified of the restriction.

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