70A-8-113 - Evidentiary rules concerning certificated securities.
70A-8-113. Evidentiary rules concerning certificated securities.
The following rules apply in an action on a certificated security against the issuer:
(1) Unless specifically denied in the pleadings, each signature on a security certificate orin a necessary indorsement is admitted.
(2) If the effectiveness of a signature is put in issue, the burden of establishingeffectiveness is on the party claiming under the signature, but the signature is presumed to begenuine or authorized.
(3) If signatures on a security certificate are admitted or established, production of thecertificate entitles a holder to recover on it unless the defendant establishes a defense or a defectgoing to the validity of the security.
(4) If it is shown that a defense or defect exists, the plaintiff has the burden of establishingthat the plaintiff or some person under whom the plaintiff claims is a person against whom thedefense or defect cannot be asserted.
Enacted by Chapter 204, 1996 General Session