T-11.002 - Act respecting the transfer of securities and the establishment of security entitlements

Section 38 Disposition versions

2009-01-01

38. If a security certificate contains the signatures necessary to the security’s issue or transfer but is incomplete in any other respect, any person may complete the security certificate by filling in the blanks in accordance with the person’s authority and, even if any of the blanks are incorrectly filled in, the security certificate as completed is enforceable by a purchaser who took the security for value and without notice of the incorrectness.

A security certificate that has been improperly altered, even if fraudulently, remains enforceable, but only according to its original terms.

2008, c. 20, s. 38.