N.Y. U.C.C. 8-114

Section 8--114. Evidentiary Rules Concerning Certificated Securities.\n The following rules apply in an action on a certificated security\nagainst the issuer:\n (1) Unless specifically denied in the pleadings, each signature on a\nsecurity certificate or in a necessary indorsement is admitted.\n (2) If the effectiveness of a signature is put in issue, the burden of\nestablishing effectiveness is on the party claiming under the signature,\nbut the signature is presumed to be genuine or authorized.\n (3) If signatures on a security certificate are admitted or\nestablished, production of the certificate entitles a holder to recover\non it unless the defendant establishes a defense or a defect going to\nthe validity of the security.\n (4) If it is shown that a defense or defect exists, the plaintiff has\nthe burden of establishing that the plaintiff or some person under whom\nthe plaintiff claims is a person against whom the defense or defect\ncannot be asserted.\n