- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 8. Investment Securities
- Section 404. Wrongful Registration.
previous: Section 403
. Demand That Issuer Not Register Transfer.
next: Section 405
. Lost, Destroyed, and Stolen Certificated Securities.
AS 45.08.404. Wrongful Registration.
- (a) Except as otherwise provided in AS 45.08.406
, an issuer is liable for wrongful registration of transfer if the issuer has registered a transfer of a security to a
person not entitled to the security and the transfer was registered
- (1) under an ineffective endorsement or instruction;
- (2) after a demand that the issuer not register transfer became effective under AS 45.08.403
(a) and the issuer did not comply with AS 45.08.403(b);
- (3) after the issuer had been served with an injunction, restraining order, or other legal process enjoining it from
registering the transfer, issued by a court of competent jurisdiction, and the issuer had a reasonable opportunity to
act on the injunction, restraining order, or other legal process; or
- (4) by an issuer acting in collusion with the wrongdoer.
- (b) An issuer that is liable for wrongful registration of transfer under (a) of this section on demand shall provide the
person entitled to the security with a like certificated or uncertificated security, and payments or distributions that
the person did not receive as a result of the wrongful registration. If an overissue would result, the issuer's
liability to provide the person with a like security is governed by AS 45.08.210
- (c) Except as otherwise provided in (a) of this section or in a law relating to the collection of taxes, an issuer is not
liable to an owner or other person suffering loss as a result of the registration of a transfer of a security if
registration was made under an effective endorsement or instruction.
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