Purchaser's right to requisites for registration of transfer

84-8-307. Purchaser's right to requisites for registration of transfer. Unless otherwise agreed, the transferor of a security on due demand shall supply the purchaser with proof of authority to transfer or with any other requisite necessary to obtain registration of the transfer of the security, but if the transfer is not for value, a transferor need not comply unless the purchaser pays the necessary expenses. If the transferor fails within a reasonable time to comply with the demand, the purchaser may reject or rescind the transfer. History: L. 1996, ch. 202, § 60; July 1. KANSAS COMMENT, 1996 This section is derived from the former 84-8-316 and has been rewritten to apply only to securities. The section is identical to the 1995 Official Text. Registration of the security is an important step which helps the purchaser secure all his rights in the security, and this section requires the transferor to supply the purchaser with proof of his authority to transfer or with any other item necessary to obtain registration. Unless the transferor complies within a reasonable time, the purchaser may reject or rescind the transfer. Because the definition of purchase includes any voluntary transfer, and not just buying (see 84-1-201(32)), if the purchase is not for value the transferor need not comply unless the purchaser covers the transferor's expenses. Revisor's Note: Former section 84-8-307 was repealed by L. 1996, ch. 202, § 91 and the number reassigned to the current text.