3720

VETOES

"Intermediary bank." § 4-105.

"Issuer." § 8-201.

"Overissue." § 8-104.

"SECURED PARTY." § 9-105.

"SECURITY AGREEMENT." § 9-105.

(6) In addition Title 1 contains general definitions and
principles of construction and interpretation applicable
throughout this title.

8-103.

A lien upon a security in favor of an issuer thereof is
valid against a purchaser only if:

(A)  THE SECURITY IS CERTIFICATED AND the right of the
issuer to [such] THE lien is noted conspicuously [on the
security] THEREON; OR

(B)  THE SECURITY IS UNCERTIFICATED AND A NOTATION OF
THE RIGHT OF THE ISSUER TO THE LIEN IS CONTAINED IN THE INITIAL
TRANSACTION STATEMENT SENT TO THE PURCHASER OR, IF HIS INTEREST
IS TRANSFERRED TO HIM OTHER THAN BY REGISTRATION OF TRANSFER,
PLEDGE OR RELEASE, THE INITIAL TRANSACTION STATEMENT SENT TO THE
REGISTERED OWNER OR THE REGISTERED PLEDGEE.

8-104.

(1)  The provisions of this title which validate a security
or compel its issue or reissue do not apply to the extent that
validation, issue or reissue would result in overissue; but IF:

(a)   [If an] AN identical security which does not
constitute an overissue is reasonably available for purchase, the
person entitled to issue or validation may compel the issuer to
purchase [and deliver such a] THE security [to] FOR him AND
EITHER TO DELIVER A CERTIFICATED SECURITY OR TO REGISTER THE
TRANSFER OF AN UNCERTIFICATED SECURITY TO HIM, against surrender
of [the] ANY CERTIFICATED security[, if any, which] he holds; or

(b)   [If a] A security is not so available for
purchase, the person entitled to issue or validation may recover
from the issuer the price he or the last purchaser for value paid
for it with interest from the date of his demand.

(2)  "Overissue" means the issue of securities in excess of
the amount [which] the issuer has corporate power to issue.

8-105.

(1) [Securities] CERTIFICATED SECURITIES governed by this
title are negotiable instruments.