Section 4-8-401 - Duty of issuer to register transfer(a) If a certificated security in registered form is presented to an issuer with a request to register transfer or an instruction is presented to an issuer with a request to register transfer of an uncertificated security, the issuer shall register the transfer as requested if:(1) Under the terms of the security the person seeking registration of transfer is eligible to have the security registered in its name;(2) The indorsement or instruction is made by the appropriate person or by an agent who has actual authority to act on behalf of the appropriate person;(3) Reasonable assurance is given that the indorsement or instruction is genuine and authorized (section 4-8-402 );(4) Any applicable law relating to the collection of taxes has been complied with;(5) The transfer does not violate any restriction on transfer imposed by the issuer in accordance with section 4-8-204;(6) A demand that the issuer not register transfer has not become effective under section 4-8-403, or the issuer has complied with section 4-8-403(b) but no legal process or indemnity bond is obtained as provided in section 4-8-403(d); and(7) The transfer is in fact rightful or is to a protected purchaser.(b) If an issuer is under a duty to register a transfer of a security, the issuer is liable to a person presenting a certificated security or an instruction for registration or to the person's principal for loss resulting from unreasonable delay in registration or failure or refusal to register the transfer.L. 96: Entire article R&RE, p. 223, § 2, effective July 1.This section is similar to former § 4-8-401 as it existed prior to 1996.