HARRY HUGHES, Governor

3725

(B) THE SECURITY IS UNCERTIFICATED AND A NOTATION OF
THE RESTRICTION IS CONTAINED IN THE INITIAL TRANSACTION STATEMENT
SENT TO THE PERSON 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.

8-205.

An unauthorized signature placed on a CERTIFICATED security
prior to or in the course of issue OR PLACED ON AN INITIAL
TRANSACTION STATEMENT is ineffective [except that] BUT the
signature is effective in favor of a purchaser for value [and] OF
THE CERTIFICATED SECURITY OR A PURCHASER FOR VALUE OF AN
UNCERTIFICATED SECURITY TO WHOM SUCH INITIAL TRANSACTION
STATEMENT HAS BEEN SENT, IF THE PURCHASER IS without notice of
the lack of authority AND [if] the signing has been done by:

(a)  An authenticating trustee, registrar, transfer
agent or other person entrusted by the issuer with the signing of
the security [or], of similar securities, or [their] OF INITIAL
TRANSACTION STATEMENTS OR THE immediate preparation for signing
OF ANY OF THEM; or

(b)  An employee of the issuer or of any of the
foregoing entrusted with responsible handling of the security OR
INITIAL TRANSACTION STATEMENT.

8-206.

(1)   [Where] IF a CERTIFICATED security contains the
signatures necessary to its issue or transfer but is incomplete
in any other respect:

(a)  Any person may complete it by filling in the
blanks as authorized; and

(b)  Even though the blanks are incorrectly filled in,
the security as completed is enforceable by a purchaser who took
it for value and without notice of [such] THE incorrectness.

(2)  A complete CERTIFICATED security [which] THAT has been
improperly altered even though fraudulently remains enforceable
but only according to its original terms.

(3)  IF AN INITIAL TRANSACTION STATEMENT CONTAINS THE
SIGNATURES NECESSARY TO ITS VALIDITY, BUT IS INCOMPLETE IN ANY
OTHER RESPECT:

(A)  ANY PERSON MAY COMPLETE IT BY FILLING IN THE
BLANKS AS AUTHORIZED; AND

(B)  EVEN THOUGH THE BLANKS ARE INCORRECTLY FILLED IN,
THE STATEMENT AS COMPLETED IS EFFECTIVE IN FAVOR OF THE PERSON TO