Montana Code Annotated 2019

TITLE 30. TRADE AND COMMERCE

CHAPTER 8. UNIFORM COMMERCIAL CODE INVESTMENT SECURITIES

Part 2. Issue and Issuer

Effect Of Issuer's Restriction On Transfer

30-8-214. Effect of issuer's restriction on transfer. 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.

History: En. Sec. 40, Ch. 536, L. 1997.