Section 8-114 - Evidentiary Rules Concerning Certificated SecuritiesThe 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 or in a necessary indorsement is admitted;(2) If the effectiveness of a signature is put in issue, the burden of establishing effectiveness is on the party claiming under the signature, but the signature is presumed to be genuine or authorized;(3) If signatures on a security certificate are admitted or established, production of the certificate entitles a holder to recover on it unless the defendant establishes a defense or a defect going to the validity of the security; and(4) If it is shown that a defense or defect exists, the plaintiff has the burden of establishing that the plaintiff or some person under whom the plaintiff claims is a person against whom the defense or defect cannot be asserted.Okla. Stat. tit. 12A, § 8-114
Added by Laws 1995, SB 522, c. 242, § 14, eff. 2/1/1996.Oklahoma Code Comment
Section 8-114 is substantially similar to pre-revision sub section 8-105(3). Because certificated securities are no longer "instruments," as defined in Section 3-104 and Section 9-105, pre-revision sub section 8-105(1), which characterized them as negotiable instruments, has been deleted. See Official Revision Note 8. In addition, revised Article 8 has deleted the former statutory requirements concerning transaction statements, referenced in pre-revision sub section 8-105(2) and detailed in former Section 8-408. See Official Revision Note 4 for the rationale behind these revisions.
Prior Statutory Provisions:
Pre-revision UCC § 8-105.