N.Y. U.C.C. 8-307

Section 8--307. Purchaser's Right to Requisites for Registration of\n Transfer.\n Unless otherwise agreed, the transferor of a security on due demand\nshall supply the purchaser with proof of authority to transfer or with\nany other requisite necessary to obtain registration of the transfer of\nthe security, but if the transfer is not for value, a transferor need\nnot comply unless the purchaser pays the necessary expenses. If the\ntransferor fails within a reasonable time to comply with the demand, the\npurchaser may reject or rescind the transfer.\n