O.C.G.A.

O.C.G.A. § 11-8-206 (2019)

Completion or alteration of security certificate

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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(a) If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in any other respect:

(1) Any person may complete it by filling in the blanks as authorized; and

(2) Even if the blanks are incorrectly filled in, the security certificate as completed is enforceable by a purchaser who took it for value and without notice of the incorrectness.

(b) A complete security certificate that has been improperly altered, even if fraudulently, remains enforceable, but only according to its original terms.

History

Code 1981, § 11-8-206, enacted by Ga. L. 1998, p. 1323, § 1.

Annotations

RESEARCH REFERENCES Am. Jur. 2d. 4 Am. Jur. 2d, Alteration of Instruments, § 28. 15A Am. Jur. 2d, Commercial Code, §§ 84, 85. C.J.S. 3A C.J.S., Alteration of Instruments, § 1 et seq. 18 C.J.S., Corporations, § 141. 19 C.J.S., Corporations, § 662. 64A C.J.S., Municipal Corporations, §§ 1723, 1724. 81A C.J.S., States, § 190. U.L.A. Uniform Commercial Code (U.L.A.) § 8206.

ALR. Burden of proof as to alteration not apparent on face of instrument, 31 A.L.R. 1455. Uniform Stock Transfer Act as applicable to shares in savings and loan associations or building and loan associations, 143 A.L.R. 1152.