The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 9A V.S.A. § 8-304)
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§ 8—304. Indorsement
(a) An indorsement may be in blank or special. An indorsement in blank includes an indorsement
to bearer. A special indorsement specifies to whom a security is to be transferred
or who has power to transfer it. A holder may convert a blank indorsement to a special
indorsement.
(b) An indorsement purporting to be only of part of a security certificate representing
units intended by the issuer to be separately transferable is effective to the extent
of the indorsement.
(c) An indorsement, whether special or in blank, does not constitute a transfer until
delivery of the certificate on which it appears or, if the indorsement is on a separate
document, until delivery of both the document and the certificate.
(d) If a security certificate in registered form has been delivered to a purchaser without
a necessary indorsement, the purchaser may become a protected purchaser only when
the indorsement is supplied. However, against a transferor, a transfer is complete
upon delivery and the purchaser has a specifically enforceable right to have any necessary
indorsement supplied.
(e) An indorsement of a security certificate in bearer form may give notice of an adverse
claim to the certificate, but it does not otherwise affect a right to registration
that the holder possesses.
(f) Unless otherwise agreed, a person making an indorsement assumes only the obligations
provided in section 8—108 of this title and not an obligation that the security will be honored by the issuer. (Added 1995, No. 92 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)