§ 25-8-114. Evidentiary rules concerning certificated securities.
§25‑8‑114. Evidentiary rules concerning certificated securities.
The following rules apply inan action on a certificated security against the issuer:
(1) Unless specificallydenied in the pleadings, each signature on a security certificate or in a necessaryindorsement is admitted.
(2) If the effectivenessof a signature is put in issue, the burden of establishing effectiveness is onthe party claiming under the signature, but the signature is presumed to begenuine or authorized.
(3) If signatures on a securitycertificate are admitted or established, production of the certificate entitlesa holder to recover on it unless the defendant establishes a defense or adefect going to the validity of the security.
(4) If it is shown thata defense or defect exists, the plaintiff has the burden of establishing thatthe plaintiff or some person under whom the plaintiff claims is a personagainst whom the defense or defect cannot be asserted. (1997‑181,s. 1.)