§ 8-110. APPLICABILITY; CHOICE OF LAW. 適應(yīng)性;法律選擇.

　　(a) The local law of the issuer's jurisdiction, as specified in subsection (d), governs:

　　(1) the validity of a security;

　　(2) the rights and duties of the issuer with respect to registration of transfer;

　　(3) the effectiveness of registration of transfer by the issuer;

　　(4) whether the issuer owes any duties to an adverse claimant to a security; and

　　(5) whether an adverse claim can be asserted against a person to whom transfer of a certificated or uncertificated security is registered or a person who obtains control of an uncertificated security.

　　(a) 發(fā)行人的管轄地的當(dāng)?shù)胤?，?d)款規(guī)定，調(diào)整：

　　(1) 該證券有效;

　　(2) 發(fā)行人關(guān)于轉(zhuǎn)讓登記的權(quán)利和義務(wù);

　　(3) 發(fā)行人轉(zhuǎn)讓登記的效力;

　　(4) 發(fā)行人是否欠證券不利主張權(quán)利人任何義務(wù);以及

　　(5) 不利主張是否可以向證書證券或非證書證券的轉(zhuǎn)讓被登記給的人或獲得非證書證券的控制的人主張。

　　(b) The local law of the securities intermediary's jurisdiction, as specified in subsection (e), governs:

　　(1) acquisition of a security entitlement from the securities intermediary;

　　(2) the rights and duties of the securities intermediary and entitlement holder arising out of a security entitlement;

　　(3) whether the securities intermediary owes any duties to an adverse claimant to a security entitlement; and

　　(4) whether an adverse claim can be asserted against a person who acquires a security entitlement from the securities intermediary or a person who purchases a security entitlement or interest therein from an entitlement holder.

　　(b) 證券中介的管轄地的當(dāng)?shù)胤?，?e)款規(guī)定，調(diào)整：

　　(1) 從證券中介獲得證券權(quán)利;

　　(2) 證券中介和權(quán)利持有人產(chǎn)生于證券權(quán)利的權(quán)利和義務(wù);

　　(3) 證券中介是否欠證券權(quán)利不利主張權(quán)利人任何義務(wù);以及

　　(4) 不利主張是否可以向從證券中介獲得證券權(quán)利的人或從權(quán)利持有人購買證券權(quán)利或其中的權(quán)益的人主張。

　　(c) The local law of the jurisdiction in which a security certificate is located at the time of delivery governs whether an adverse claim can be asserted against a person to whom the security certificate is delivered.

　　(d) "Issuer's jurisdiction" means the jurisdiction under which the issuer of the security is organized or, if permitted by the law of that jurisdiction, the law of another jurisdiction specified by the issuer. An issuer organized under the law of this State may specify the law of another jurisdiction as the law governing the matters specified in subsection (a)(2) through (5).

　　(e) The following rules determine a "securities intermediary's jurisdiction" for purposes of this section:

　　(1) If an agreement between the securities intermediary and its entitlement holder governing the securities account expressly provides that a particular jurisdiction is the securities intermediary's jurisdiction for purposes of this part, this article, or this act, that jurisdiction is the securities intermediary's jurisdiction.

　　(2) If paragraph (1) does not apply and an agreement between the securities intermediary and its entitlement holder expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the securities intermediary's jurisdiction.

　　(3) If neither paragraph (i) nor paragraph (ii) applies and an agreement between the securities intermediary and its entitlement holder governing the securities account expressly provides that the securities account is maintained at an office in a particular jurisdiction, that jurisdiction is the securities intermediary's jurisdiction.

　　(4) If none of the preceding paragraphs applies, the securities intermediary's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the entitlement holder's account is located.

　　(5) If none of the preceding paragraphs applies, the securities intermediary's jurisdiction is the jurisdiction in which the chief executive office of the securities intermediary is located.

　　(c) 證券證書交付時(shí)處于的管轄地的當(dāng)?shù)胤烧{(diào)整不利主張是否可以向接收證券證書的人主張。

　　(d) "發(fā)行人的管轄地" 指證券發(fā)行人組織成立的管轄區(qū)域，或者，若管轄地法律允許，發(fā)行人說明的其他管轄地的法律。根據(jù)本州法律組織成立的發(fā)行人可以指定其他管轄地的法律作為調(diào)整(a)(2)至(5)款指定的事件的法律。

　　(e) 下列規(guī)則為本條的目的決定"證券中介的管轄地"：

　　(1) 若證券中介和其權(quán)利持有人之間調(diào)整證券帳戶的協(xié)議明確規(guī)定，為本章、本篇或本法案的目的，一個(gè)特定的管轄地是證券中介的管轄地，則該管轄地是證券中介的管轄地。

　　(2) 若(1)段不適用，并且證券中介和其權(quán)利持有人之間的協(xié)議明確規(guī)定，該協(xié)議受一個(gè)特定的管轄地的法律調(diào)整，則該管轄地是證券中介的管轄地。

　　(3) 若(i)段和(ii)段均不適用和證券中介和其權(quán)利持有人之間調(diào)整證券帳戶的協(xié)議明確規(guī)定，證券帳戶在一個(gè)特定的管轄地的登記處保存，則該管轄地是證券中介的管轄地。

　　(4) 若前述各段均不適用，證券中介的管轄地是帳戶申明書中確定作為服務(wù)該權(quán)利持有人的帳戶的登記處處于的管轄地。

　　(5)若前述各段均不適用，證券中介的管轄地是證券中介總部處于的管轄地。

　　(f) A securities intermediary's jurisdiction is not determined by the physical location of certificates representing financial assets, or by the jurisdiction in which is organized the issuer of the financial asset with respect to which an entitlement holder has a security entitlement, or by the location of facilities for data processing or other record keeping concerning the account.

　　(f) 證券中介的管轄地非由體現(xiàn)融資財(cái)產(chǎn)的證書的實(shí)際位置決定，或權(quán)利持有人享有證券權(quán)利的融資財(cái)產(chǎn)的發(fā)行人組織成立的管轄地，或資料處理設(shè)備所在地或關(guān)于該帳戶的檔案保存設(shè)備所在地。

　　§ 8-111. CLEARING CORPORATION RULES. 代理商品交易公司規(guī)則.

　　A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing corporation is effective even if the rule conflicts with this [Act] and affects another party who does not consent to the rule.

　　代理商品交易公司采用的規(guī)則調(diào)整在代理商品交易公司和其在該代理商品交易公司參與者之間的權(quán)利和義務(wù)，有效，即使該規(guī)則與本[法案]相沖突，并影響不同意該規(guī)則的其他當(dāng)事人。

　　§ 8-112. CREDITOR'S LEGAL PROCESS. 債權(quán)人的法律程序.

　　(a) The interest of a debtor in a certificated security may be reached by a creditor only by actual seizure of the security certificate by the officer making the attachment or levy, except as otherwise provided in subsection (d). However, a certificated security for which the certificate has been surrendered to the issuer may be reached by a creditor by legal process upon the issuer.

　　(b) The interest of a debtor in an uncertificated security may be reached by a creditor only by legal process upon the issuer at its chief executive office in the United States, except as otherwise provided in subsection (d).

　　(c) The interest of a debtor in a security entitlement may be reached by a creditor only by legal process upon the securities intermediary with whom the debtor's securities account is maintained, except as otherwise provided in subsection (d).

　　(a) 除非(d)款另有規(guī)定，債權(quán)人僅可通過作出扣押或征收的政府官員對(duì)證券證書的實(shí)際查封，實(shí)現(xiàn)債務(wù)人在證書證券中的權(quán)益。但是，對(duì)于證書證券，該證書已經(jīng)被交給發(fā)行人的，通過對(duì)發(fā)行人的法律程序，債權(quán)人可以得到該證書證券。

　　(b) 除非(d)款另有規(guī)定，債權(quán)人僅可在發(fā)行人在美國的總部通過對(duì)發(fā)行人的法律程序，實(shí)現(xiàn)債務(wù)人在非證書證券中的權(quán)益。

　　(c) 除非(d)款另有規(guī)定，債權(quán)人僅可通過對(duì)保存?zhèn)鶆?wù)人的證券帳戶的證券中介的法律程序，實(shí)現(xiàn)債務(wù)人在證書證券中的權(quán)益。

　　(d) The interest of a debtor in a certificated security for which the certificate is in the possession of a secured party, or in an uncertificated security registered in the name of a secured party, or a security entitlement maintained in the name of a secured party, may be reached by a creditor by legal process upon the secured party.

　　(e) A creditor whose debtor is the owner of a certificated security, uncertificated security, or security entitlement is entitled to aid from a court of competent jurisdiction, by injunction or otherwise, in reaching the certificated security, uncertificated security, or security entitlement or in satisfying the claim by means allowed at law or in equity in regard to property that cannot readily be reached by other legal process.

　　(d) 證書由擔(dān)保權(quán)人占有的，債務(wù)人在證書證券中的權(quán)益，或以擔(dān)保權(quán)人名義登記的非證書證券中的權(quán)益，或以擔(dān)保權(quán)人名義保存的證券權(quán)利，債權(quán)人可以通過對(duì)擔(dān)保權(quán)人的法律程序?qū)崿F(xiàn)。

　　(e) 債權(quán)人的債務(wù)人是證書證券、非證書證券、或證券權(quán)利的所有者的，對(duì)有權(quán)管轄地的法院享有獲得援助的權(quán)利，通過禁令或者其他方式，在得到證書證券、非證書證券、或證券權(quán)利中，或在清償該主張中，通過關(guān)于不能通過其他法律程序容易實(shí)現(xiàn)的財(cái)產(chǎn)，法律允許的方法或平衡法中的方法。

　　§ 8-113. STATUTE OF FRAUDS INAPPLICABLE. 反欺詐法不適用.

　　A contract or modification of a contract for the sale or purchase of a security is enforceable whether or not there is a writing signed or record authenticated by a party against whom enforcement is sought, even if the contract or modification is not capable of performance within one year of its making.

　　證券買賣、購買合同或其修正具有強(qiáng)制執(zhí)行效力，無論是否有執(zhí)行對(duì)象當(dāng)事人簽署的書面文件或經(jīng)其鑒別的檔案，即使該合同或修正在其作出一年之內(nèi)不能履行。

　　§ 8-114. EVIDENTIARY RULES CONCERNING CERTIFICATED SECURITIES.

　　關(guān)于證書證券的證據(jù)規(guī)則.

　　The 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.

　　(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.

　　下列規(guī)則在對(duì)證書證券發(fā)行人的訴訟中適用：

　　(1) 除非在訴訟中明確否定，證券證書或必要的背書中的每個(gè)簽名被承認(rèn)。

　　(2) 若簽名的效力處于爭(zhēng)議中，證明有效的舉證責(zé)任由根據(jù)該簽名提出主張的人負(fù)擔(dān)，但是該簽名被假定真實(shí)可信。

　　(3) 若證券證書的簽名被承認(rèn)或被證明，該證書的制作使持有人在其上享有勝訴權(quán)，除非被告證明對(duì)該證券的效力有一項(xiàng)抗辯或缺陷。

　　(4) 若一項(xiàng)抗辯或缺陷被出示，原告負(fù)責(zé)證明原告或其主張?jiān)谄涿x下的人是該抗辯或缺陷不能向其主張的人。

　　§ 8-115. SECURITIES INTERMEDIARY AND OTHERS NOT LIABLE TO ADVERSE CLAIMANT.

　　證券中介和其他人不向不利主張權(quán)利人承擔(dān)責(zé)任.

　　A securities intermediary that has transferred a financial asset pursuant to an effective entitlement order, or a broker or other agent or bailee that has dealt with a financial asset at the direction of its customer or principal, is not liable to a person having an adverse claim to the financial asset, unless the securities intermediary, or broker or other agent or bailee:

　　(1) took the action after it had been served with an injunction, restraining order, or other legal process enjoining it from doing so, issued by a court of competent jurisdiction, and had a reasonable opportunity to act on the injunction, restraining order, or other legal process; or

　　(2) acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or

　　(3) in the case of a security certificate that has been stolen, acted with notice of the adverse claim.

　　證券中介已經(jīng)依據(jù)有效的權(quán)益指令轉(zhuǎn)讓融資財(cái)產(chǎn)的，或經(jīng)紀(jì)人或其他代理人或保管人已經(jīng)根據(jù)消費(fèi)者或本人的指示處理融資財(cái)產(chǎn)的，不向?qū)υ撊谫Y財(cái)產(chǎn)享有不利主張的人承擔(dān)責(zé)任，除非該證券中介、或經(jīng)紀(jì)人或其他代理人或保管人：

　　(1) 有權(quán)管轄地的法院發(fā)布，并送達(dá)一份禁令、限制令或禁止其如此作為的其他法定程序，而其有合理的機(jī)會(huì)按該禁令、限制令或其他法定程序行事，在在此之后，其提起訴訟;或

　　(2) 與做壞事的人串通，侵害不利主張權(quán)利人的權(quán)利;或

　　(3) 在證券證書被盜的情形，按照不利主張通知行事。

　　§ 8-116. SECURITIES INTERMEDIARY AS PURCHASER FOR VALUE.

　　作為有償購買人的證券中介.

　　A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of an entitlement holder is a purchaser for value of the financial asset. A securities intermediary that acquires a security entitlement to a financial asset from another securities intermediary acquires the security entitlement for value if the securities intermediary acquiring the security entitlement establishes a security entitlement to the financial asset in favor of an entitlement holder.

　　證券中介收到融資財(cái)產(chǎn)和證明融資財(cái)產(chǎn)中的證券權(quán)利有利于權(quán)利持有人的，是該融資財(cái)產(chǎn)的有償購買人。證券中介從其他證券中介獲得對(duì)融資財(cái)產(chǎn)的證券權(quán)利的，有償獲得證券權(quán)利，若獲得該證券權(quán)利的證券中介證明對(duì)融資財(cái)產(chǎn)的證券權(quán)利有利于權(quán)利持有人。

　　PART 2. ISSUE AND ISSUER [Table of Contents] .發(fā)行人的發(fā)行

　　§ 8-201. ISSUER. 發(fā)行人.

　　(a) With respect to an obligation on or a defense to a security, an "issuer" includes a person that:

　　(1) places or authorizes the placing of its name on a security certificate, other than as authenticating trustee, registrar, transfer agent, or the like, to evidence a share, participation, or other interest in its property or in an enterprise, or to evidence its duty to perform an obligation represented by the certificate;

　　(2) creates a share, participation, or other interest in its property or in an enterprise, or undertakes an obligation, that is an uncertificated security;

　　(3) directly or indirectly creates a fractional interest in its rights or property, if the fractional interest is represented by a security certificate; or

　　(4) becomes responsible for, or in place of, another person described as an issuer in this section.

　　(b) With respect to an obligation on or defense to a security, a guarantor is an issuer to the extent of its guaranty, whether or not its obligation is noted on a security certificate.

　　(c) With respect to a registration of a transfer, issuer means a person on whose behalf transfer books are maintained.

　　(a) 關(guān)于證券上的債務(wù)或?qū)ψC券的抗辯，"發(fā)行人" 包括下述人：

　　(1) 放置或批準(zhǔn)其名字在證券證書上的放置的人，除作為鑒別保管人、登記員、轉(zhuǎn)讓代理人或類似人之外，以證明共有、參與、或在其財(cái)產(chǎn)中或在一個(gè)企業(yè)中的其他權(quán)益，或證明其履行該證書體現(xiàn)的債務(wù)的義務(wù); (2) 創(chuàng)設(shè)共有、參與、或在其財(cái)產(chǎn)中或在一個(gè)企業(yè)中的其他權(quán)益，或承擔(dān)作為非證書證券的一項(xiàng)債務(wù);

　　(3) 直接或間接地創(chuàng)設(shè)在其權(quán)利或財(cái)產(chǎn)中的部分權(quán)益，若該部分的權(quán)益由證券證書表現(xiàn);或

　　(4) 成為應(yīng)對(duì)在本條中規(guī)定為發(fā)行人的其他人負(fù)責(zé)或代替之。

　　(b) 關(guān)于證券上的債務(wù)或?qū)ζ淇罐q，保證人在其保證范圍內(nèi)是發(fā)行人，無論其債務(wù)是否在證券證書注明。 (c) 關(guān)于一項(xiàng)轉(zhuǎn)讓登記，發(fā)行人指過戶帳(transfer books)為其利益而保存的人。

　　§ 8-202. ISSUER'S RESPONSIBILITY AND DEFENSES; NOTICE OF DEFECT OR DEFENSE.

　　發(fā)行人的責(zé)任和抗辯;缺陷或抗辯的通知.

　　(a) Even against a purchaser for value and without notice, the terms of a certificated security include terms stated on the certificate and terms made part of the security by reference on the certificate to another instrument, indenture, or document or to a constitution, statute, ordinance, rule, regulation, order, or the like, to the extent the terms referred to do not conflict with terms stated on the certificate. A reference under this subsection does not of itself charge a purchaser for value with notice of a defect going to the validity of the security, even if the certificate expressly states that a person accepting it admits notice. The terms of an uncertificated security include those stated in any instrument, indenture, or document or in a constitution, statute, ordinance, rule, regulation, order, or the like, pursuant to which the security is issued.

　　(a) 甚 至對(duì)于沒有得到通知的有償購買人，證書證券的條款包括該證書規(guī)定的條款，和作為該證券的部分、在該證書上涉及其他票據(jù)、契約或單據(jù)或涉及憲法、法令、條 例、規(guī)則、規(guī)章、指令或類似文件的條款，在該提到的條款不與該證書規(guī)定的條款相沖突的范圍內(nèi)。得到影響證券效力的缺陷的通知的，本款下的參照本身不責(zé)令購 買人支付對(duì)價(jià)，即使該證書明確規(guī)定接受其的人承認(rèn)通知。非證書證券的條款包括在任何票據(jù)、契約或單據(jù)中規(guī)定的條款，或憲法、法令、條例、規(guī)則、規(guī)章、指令或類似文件中規(guī)定的條款，該證券據(jù)以發(fā)行。

　　(b) The following rules apply if an issuer asserts that a security is not valid:

　　(1) A security other than one issued by a government or governmental subdivision, agency, or instrumentality, even though issued with a defect going to its validity, is valid in the hands of a purchaser for value and without notice of the particular defect unless the defect involves a violation of a constitutional provision. In that case, the security is valid in the hands of a purchaser for value and without notice of the defect, other than one who takes by original issue.

　　(2) Paragraph (1) applies to an issuer that is a government or governmental subdivision, agency, or instrumentality only if there has been substantial compliance with the legal requirements governing the issue or the issuer has received a substantial consideration for the issue as a whole or for the particular security and a stated purpose of the issue is one for which the issuer has power to borrow money or issue the security.

　　(b) 下列規(guī)則適用，若發(fā)行人主張一張證券無效：

　　(1) 證券除政府或政府部門、機(jī)構(gòu)、或分支機(jī)構(gòu)發(fā)行的以外，即使發(fā)行時(shí)帶有影響其效力的缺陷，在有償購買人控制并且沒有得到特定缺陷的通知的，該證券有效，除非 該缺陷包含憲法條款的違反。 在該情形，在有償購買人控制并且沒有得到特定缺陷的通知的，該證券有效，除通過最初的發(fā)行取得的以外。

　　(2) (1)段適用于作為政府或政府部門、機(jī)構(gòu)、或分支機(jī)構(gòu)的發(fā)行人，僅當(dāng)調(diào)整該發(fā)行的法定條件已經(jīng)得到實(shí)質(zhì)的遵從，或發(fā)行人已經(jīng)收到對(duì)該總體發(fā)行或?qū)μ囟ㄗC券的實(shí)質(zhì)的對(duì)價(jià)，并且，發(fā)行的規(guī)定目的之一是發(fā)行人有權(quán)借錢或發(fā)行該證券。

　　(c) Except as otherwise provided in Section 8-205, lack of genuineness of a certificated security is a complete defense, even against a purchaser for value and without notice.

　　(d) All other defenses of the issuer of a security, including nondelivery and conditional delivery of a certificated security, are ineffective against a purchaser for value who has taken the certificated security without notice of the particular defense.

　　(e) This section does not affect the right of a party to cancel a contract for a security "when, as and if issued" or "when distributed" in the event of a material change in the character of the security that is the subject of the contract or in the plan or arrangement pursuant to which the security is to be issued or distributed.

　　(f) If a security is held by a securities intermediary against whom an entitlement holder has a security entitlement with respect to the security, the issuer may not assert any defense that the issuer could not assert if the entitlement holder held the security directly.

　　(c) 除非§ 8-205另有規(guī)定，證書證券真實(shí)性的缺乏是完全的抗辯，甚至對(duì)于沒有得到通知的有償購買人。 (d) 有償購買人沒有得到特定抗辯的通知而取得證書證券的，證券發(fā)行人的所有其他抗辯，包括證書證券的不交付和有條件交付，對(duì)于該購買人有效。

　　(e) 本條不影響當(dāng)事人取消合同的權(quán)利，為一張證券當(dāng)，作為并若被分配或當(dāng)被分配在該證券的特性方面發(fā)生實(shí)質(zhì)的變更時(shí)，該證券是合同的標(biāo)的或在該證券將依照其發(fā)行或分配的計(jì)劃或安排中。

　　(f) 若權(quán)利持有人對(duì)持有證券的證券中介享有證券權(quán)利，發(fā)行人不得主張發(fā)行人不可主張的任何抗辯，若權(quán)利持有人直接持有該證券。

　　§ 8-203. STALENESS AS NOTICE OF DEFECT OR DEFENSE.

　　作為缺陷或抗辯通知的失效.

　　After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security is to be presented or surrendered for redemption or exchange, a purchaser is charged with notice of any defect in its issue or defense of the issuer, if the act or event:

　　(1) requires the payment of money, the delivery of a certificated security, the registration of transfer of an uncertificated security, or any of them on presentation or surrender of the security certificate, the money or security is available on the date set for payment or exchange, and the purchaser takes the security more than one year after that date; or

　　(2) is not covered by paragraph (1) and the purchaser takes the security more than two years after the date set for surrender or presentation or the date on which performance became due.

　　在行為或事件之后，除了已被撤回的呼吁外，創(chuàng)設(shè)對(duì)證書證券所載主債務(wù)的立即履行的權(quán)利，或因補(bǔ)償或兌換而需提示或交出證券，由此設(shè)定該證券應(yīng)或在其后應(yīng)提示或交出的日期，購買人對(duì)于在發(fā)行人的發(fā)行或抗辯中的任何缺陷的通知負(fù)責(zé)，若該行為或事件：

　　(1) 要求金錢的付款，證書證券的交付，非證書證券的轉(zhuǎn)讓登記，或證券證書的提示或交出方面上述任何行為，該金錢或證券在為付款或兌換而設(shè)定的日期可獲得，并且該購買人在該日期之后超過一年取得該證券;或

　　(2) 不包含于(1)段并且，設(shè)定為交出或提示的日期之后超過兩年，或者履行到期的日期，該購買人取得該證券。

　　§ 8-204. EFFECT OF ISSUER'S RESTRICTION ON TRANSFER.

　　發(fā)行人對(duì)轉(zhuǎn)讓的限制的效力.

　　A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person without knowledge of the restriction unless:

　　(1) the security is certificated and the restriction is noted conspicuously on the security certificate; or

　　(2) the security is uncertificated and the registered owner has been notified of the restriction.

　　發(fā)行人對(duì)證券轉(zhuǎn)讓的限制，即使其他方面合法，對(duì)于不知道該限制的人無效，除非：

　　(1) 該證券是證書證券并且該限制在證券證書上醒目地注明;或

　　(2) 該證券是非證書證券并且登記的所有人已經(jīng)得到該限制的通知。

　　§ 8-205. EFFECT OF UNAUTHORIZED SIGNATURE ON SECURITY CERTIFICATE.

　　證券證書上未授權(quán)的簽名的效力.

　　An unauthorized signature placed on a security certificate before or in the course of issue is ineffective, but the signature is effective in favor of a purchaser for value of the certificated security if the purchaser is without notice of the lack of authority and the signing has been done by:

　　(1) an authenticating trustee, registrar, transfer agent, or other person entrusted by the issuer with the signing of the security certificate or of similar security certificates, or the immediate preparation for signing of any of them; or

　　(2) an employee of the issuer, or of any of the persons listed in paragraph (1), entrusted with responsible handling of the security certificate.

　　在發(fā)行前或發(fā)行過程中放置在證券證書上的未授權(quán)的簽名無效，但該簽名為證書證券的有償購買人的利益有效，若該購買人沒有得到缺乏授權(quán)的通知并且該前面已經(jīng)由下列人作出：

　　(1) 鑒別受讓人、登記官員、轉(zhuǎn)讓代理人或發(fā)行人授權(quán)的其他人，即簽署證券證書或類似證券證書，或上述任何證書的簽署直接準(zhǔn)備的人;或

　　(2) 發(fā)行人的雇員或(1)段列舉的人的任何雇員，受托持有證券證書并承擔(dān)責(zé)任。

　　§ 8-206. COMPLETION OR ALTERATION OF SECURITY CERTIFICATE.

　　證券證書的完成或涂改.

　　(a) If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in any other respect:

　　(1) any person may complete it by filling in the blanks as authorized; and

　　(2) even if the blanks are incorrectly filled in, the security certificate as completed is enforceable by a purchaser who took it for value and without notice of the incorrectness.

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

　　(a) 若證券證書包含發(fā)行或轉(zhuǎn)讓需要的簽名，但在任何其他方面不完全：

　　(1) 任何人可以按照授權(quán)在其空白處填寫而完成之;及

　　(2) 即使空白欄被不正確地填寫，完成后的證券證書，購買人有償取得并沒有得到關(guān)于該不正確之處的通知的，仍然具有強(qiáng)制執(zhí)行效力。

　　(b) 不當(dāng)涂改過的完全的證券證書，即使欺詐性，保持具有強(qiáng)制執(zhí)行效力，但是僅根據(jù)其原條款。

　　§ 8-207. RIGHTS AND DUTIES OF ISSUER WITH RESPECT TO REGISTERED OWNERS.發(fā)行人關(guān)于登記所有者的權(quán)利和義務(wù).

　　(a) Before due presentment for registration of transfer of a certificated security in registered form or of an instruction requesting registration of transfer of an uncertificated security, the issuer or indenture trustee may treat the registered owner as the person exclusively entitled to vote, receive notifications, and otherwise exercise all the rights and powers of an owner.

　　(b) This Article does not affect the liability of the registered owner of a security for a call, assessment, or the like.

　　(a) 記名形式的證書證券的轉(zhuǎn)讓登記或要求非證書證券的轉(zhuǎn)讓登記的指示的到期提示之前，發(fā)行人或契約受托人可以視登記的所有人為這樣一個(gè)人：他享有排他的權(quán)利表決、收取通知以及以其他方式行使所有者的所有權(quán)利和權(quán)力。

　　(b) 本篇不影響證券的登記的所有人對(duì)叫牌、估價(jià)、或類似的責(zé)任。

　　§ 8-208. EFFECT OF SIGNATURE OF AUTHENTICATING TRUSTEE, REGISTRAR, OR TRANSFER AGENT.

　　認(rèn)證受托人、登記員、或轉(zhuǎn)讓代理人簽名的效力.

　　(a) A person signing a security certificate as authenticating trustee, registrar, transfer agent, or the like, warrants to a purchaser for value of the certificated security, if the purchaser is without notice of a particular defect, that:

　　(1) the certificate is genuine;

　　(2) the person's own participation in the issue of the security is within the person's capacity and within the scope of the authority received by the person from the issuer; and

　　(3) the person has reasonable grounds to believe that the certificated security is in the form and within the amount the issuer is authorized to issue.

　　(b) Unless otherwise agreed, a person signing under subsection (a) does not assume responsibility for the validity of the security in other respects.

　　(a) 作為認(rèn)證受托人、登記員、轉(zhuǎn)讓代理人、或類似的人簽署證券證書的，向證書證券的有償購買人擔(dān)保，若購買人沒有得到特點(diǎn)缺陷的通知：

　　(1) 該證書真實(shí);

　　(2) 此人對(duì)該證券發(fā)行的參與，是在其行為能力范圍內(nèi)，并且在此人從發(fā)行人得到授權(quán)的范圍內(nèi);及

　　(3) 此人有合理的根據(jù)相信該證書證券是以發(fā)行人被授權(quán)發(fā)行的形式和金額內(nèi)。

　　(b) 除非另有約定，在(a)款下簽署的人不對(duì)該證券在其他方面的效力負(fù)責(zé)。

　　§ 8-209. ISSUER'S LIEN. 發(fā)行人的留置權(quán).

　　A lien in favor of an issuer upon a certificated security is valid against a purchaser only if the right of the issuer to the lien is noted conspicuously on the security certificate.

　　發(fā)行人在證書證券上的留置權(quán)有效對(duì)抗購買人，僅當(dāng)發(fā)行人對(duì)該留置權(quán)的權(quán)力醒目地在該證券證書上注明。

　　§ 8-210. OVERISSUE. 溢價(jià)發(fā)行.

　　(a) In this section, "overissue" means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue does not occur if appropriate action has cured the overissue.

　　(b) Except as otherwise provided in subsections (c) and (d), the provisions of this Article which validate a security or compel its issue or reissue do not apply to the extent that validation, issue, or reissue would result in overissue.

　　(c) If an identical security not constituting an overissue is reasonably available for purchase, a person entitled to issue or validation may compel the issuer to purchase the security and deliver it if certificated or register its transfer if uncertificated, against surrender of any security certificate the person holds.

　　(d) If a security is not reasonably available for purchase, a person entitled to issue or validation may recover from the issuer the price the person or the last purchaser for value paid for it with interest from the date of the person's demand.

　　(a) 在本條中， "溢價(jià)發(fā)行" 指證券的發(fā)行超過發(fā)行人有法人權(quán)力發(fā)行的金額，但溢價(jià)發(fā)行不發(fā)生若適當(dāng)?shù)男袨橐呀?jīng)糾正該溢價(jià)發(fā)行。

　　(b) 除非(c)和(d)款另有規(guī)定，本篇的規(guī)定使證券生效或迫使其發(fā)行或再發(fā)行的，不適用于該確認(rèn)、發(fā)行、或再發(fā)行將導(dǎo)致溢價(jià)發(fā)行的范圍。

　　(c) 若不構(gòu)成溢價(jià)發(fā)行的等額證券只要購買就可合理獲得，具有發(fā)行、確認(rèn)資格的人可以迫使該發(fā)行人購買該證券，以及，在證書證券的情形交付證券，在非證書證券的情形登記其轉(zhuǎn)讓，對(duì)于此人持有的任何證券證書的交出。

　　(d) 若證券不是購買即可合理獲得，有權(quán)發(fā)行或確認(rèn)的人可以向發(fā)行人追回此人或最后的有償購買人為之支付的價(jià)格，以及從此人要求之日起的利息。

　　PART 3. TRANSFER OF CERTIFICATED AND UNCERTIFICATED SECURITIES [Table of Contents] 證書證券和非證書證券的轉(zhuǎn)讓

　　§ 8-301. DELIVERY. 交付.

　　(a) Delivery of a certificated security to a purchaser occurs when:

　　(1) the purchaser acquires possession of the security certificate;

　　(2) another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of the purchaser or, having previously acquired possession of the certificate, acknowledges that it holds for the purchaser; or

　　(3) a securities intermediary acting on behalf of the purchaser acquires possession of the security certificate, only if the certificate is in registered form and is (i) registered in the name of the purchaser, (ii) payable to the order of the purchaser, or (iii) specially indorsed to the purchaser by an effective indorsement and has not been indorsed to the securities intermediary or in blank.

　　(a) 證書證券對(duì)購買人的交付發(fā)生于：

　　(1) 購買人獲得證券證書的占有時(shí);

　　(2) 其他人，證券中介除外，或者代表購買人獲得證券證書的占有，或者，以前已經(jīng)獲得該證書的占有的，知道其為購買人持有時(shí);或

　　(3) 代理購買人的證券中介獲得證券證書的占有，僅當(dāng)該證書是記名形式的，并且(i)以購買人的名義登記，(ii) 應(yīng)付給購買人的指令，或(iii)通過有效背書特別背書給購買人并且沒有背書給證券中介或空白背書。

　　(b) Delivery of an uncertificated security to a purchaser occurs when:

　　(1) the issuer registers the purchaser as the registered owner, upon original issue or registration of transfer; or

　　(2) another person, other than a securities intermediary, either becomes the registered owner of the uncertificated security on behalf of the purchaser or, having previously become the registered owner, acknowledges that it holds for the purchaser.

　　(b) 非證書證券對(duì)購買人的交付發(fā)生于：

　　(1) 發(fā)行人登記購買人作為登記的所有人，在原發(fā)行或轉(zhuǎn)讓登記;或

　　(2) 其他人，證券中介除外，或者代表購買人成為非證書證券的登記的所有人，或者以前已經(jīng)成為登記的所有人，承認(rèn)其為購買人持有。

　　§ 8-302. RIGHTS OF PURCHASER. .購買人權(quán)利.

　　(a) Except as otherwise provided in subsections (b) and (c), a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer.

　　(b) A purchaser of a limited interest acquires rights only to the extent of the interest purchased.

　　(c) A purchaser of a certificated security who as a previous holder had notice of an adverse claim does not improve its position by taking from a protected purchaser.

　　(a) 除非(b)和(c)款另有規(guī)定，證書證券或非證書證券購買人獲得該證券上出讓人享有或有權(quán)轉(zhuǎn)讓的所有權(quán)利。

　　(b) 有限權(quán)益購買人獲得權(quán)利僅限于購買的權(quán)益范圍。

　　(c) 證書證券購買人作為以前的持有人獲得不利主張通知的，不因從受保障的購買人取得而改進(jìn)其地位。

　　§ 8-303. PROTECTED PURCHASER. 受保障的購買人.

　　(a) "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest therein, who:

　　(1) gives value;

　　(2) does not have notice of any adverse claim to the security; and

　　(3) obtains control of the certificated or uncertificated security.

　　(b) In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim.

　　(a) "受保障的購買人" 指證書證券或非證書證券或其中的權(quán)益的購買人，其：

　　(1) 給予對(duì)價(jià);

　　(2) 不得到任何對(duì)該證券的不利主張通知;及

　　(3) 獲得該證書證券或非證書證券的控制。

　　(b) 除了獲得購買人的權(quán)利外，受保障的購買人也獲得該證券中的權(quán)益不受任何不利主張的約束。

　　§ 8-304. INDORSEMENT. 背書.

　　(a) An indorsement may be in blank or special. An indorsement in blank includes an indorsement to bearer. A special indorsement specifies to whom a security is to be transferred or who has power to transfer it. A holder may convert a blank indorsement to a special indorsement.

　　(b) An indorsement purporting to be only of part of a security certificate representing units intended by the issuer to be separately transferable is effective to the extent of the indorsement.

　　(c) An indorsement, whether special or in blank, does not constitute a transfer until delivery of the certificate on which it appears or, if the indorsement is on a separate document, until delivery of both the document and the certificate.

　　(d) If a security certificate in registered form has been delivered to a purchaser without a necessary indorsement, the purchaser may become a protected purchaser only when the indorsement is supplied. However, against a transferor, a transfer is complete upon delivery and the purchaser has a specifically enforceable right to have any necessary indorsement supplied.

　　(e) An indorsement of a security certificate in bearer form may give notice of an adverse claim to the certificate, but it does not otherwise affect a right to registration that the holder possesses.

　　(f) Unless otherwise agreed, a person making an indorsement assumes only the obligations provided in Section 8-108 and not an obligation that the security will be honored by the issuer.

　　(a) 背書可以是空白背書或特別背書?？瞻妆硶ú挥浢硶Ｌ貏e背書 指定證券應(yīng)轉(zhuǎn)讓給其或其有權(quán)轉(zhuǎn)讓證券。持有人可以轉(zhuǎn)換空白背書為特別背書。

　　(b) 聲稱僅為發(fā)行人有意表現(xiàn)為數(shù)個(gè)單位以便可單獨(dú)轉(zhuǎn)讓的證券證書之部分的背書，在該背書范圍內(nèi)有效。

　　(c) 在背書所在的證書交付之前，若該背書是在單獨(dú)的單據(jù)上，該單據(jù)和該證書交付之前，無論是空白背書或特別背書都不構(gòu)成轉(zhuǎn)讓。

　　(d) 若記名形式的證券證書已被交付給購買人而沒有必要的背書，購買人可以成為受保障的購買人僅當(dāng)該背書被提供時(shí)。但是，對(duì)于出讓人，轉(zhuǎn)讓完成于交付和購買人享有特定可強(qiáng)制執(zhí)行權(quán)利以得到任何必要的背書的提供時(shí)。

　　(e) 不記名形式的證券證書的背書可以給予對(duì)該證書的不利主張通知，但其他方面其不影響對(duì)持有人占有的登記的權(quán)利。

　　(f) 除非另有約定，作出背書的人僅承擔(dān)§ 8-108規(guī)定的債務(wù)，且非該證券將由發(fā)行人兌付的債務(wù)。

　　§ 8-305. INSTRUCTION. 指示

　　(a) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly.

　　(b) Unless otherwise agreed, a person initiating an instruction assumes only the obligations imposed by Section 8-108 and not an obligation that the security will be honored by the issuer.

　　(a) 若指示已由適當(dāng)?shù)娜税l(fā)出但在其他方面不完全，任何人可以根據(jù)授權(quán)完成之，并且，發(fā)行人可以信賴其作為完全的，即使其已經(jīng)被不正確地完成。

　　(b) 除非另有約定，發(fā)出指示的人僅承擔(dān)§ 8-108施加的債務(wù)，且非該證券將由發(fā)行人兌付的債務(wù)。

　　§ 8-306. EFFECT OF GUARANTEEING SIGNATURE, INDORSEMENT, OR INSTRUCTION.

　　擔(dān)保簽名、背書、或指示的效力.

　　(a) A person who guarantees a signature of an indorser of a security certificate warrants that at the time of signing:

　　(1) the signature was genuine;

　　(2) the signer was an appropriate person to indorse, or if the signature is by an agent, the agent had actual authority to act on behalf of the appropriate person; and

　　(3) the signer had legal capacity to sign.

　　(b) A person who guarantees a signature of the originator of an instruction warrants that at the time of signing:

　　(1) the signature was genuine;

　　(2) the signer was an appropriate person to originate the instruction, or if the signature is by an agent, the agent had actual authority to act on behalf of the appropriate person, if the person specified in the instruction as the registered owner was, in fact, the registered owner, as to which fact the signature guarantor does not make a warranty; and

　　(3) the signer had legal capacity to sign.

　　(a) 保證證券證書背書人的簽名的人擔(dān)保，在簽名時(shí)：

　　(1) 該簽名真實(shí);

　　(2) 簽名人是簽名的適當(dāng)?shù)娜?，或者，若代理人簽名的，代理人具有代理適當(dāng)?shù)娜说膶?shí)際授權(quán);及

　　(3) 簽名人具有簽名的法定資格。

　　(b) 保證指示的發(fā)出人的簽名的人擔(dān)保，在簽名時(shí)：

　　(1) 該簽名真實(shí);

　　(2) 簽名人是簽名的適當(dāng)?shù)娜?，或者，若代理人簽名的，代理人具有代理適當(dāng)?shù)娜说膶?shí)際授權(quán)，若指示中指定的人作為登記的所有人事實(shí)上曾是登記的所有人，關(guān)于該事實(shí)，簽名保證人不作出擔(dān)保;及

　　(3) 簽名人具有簽名的法定資格。

　　(c) A person who specially guarantees the signature of an originator of an instruction makes the warranties of a signature guarantor under subsection (b) and also warrants that at the time the instruction is presented to the issuer:

　　(1) the person specified in the instruction as the registered owner of the uncertificated security will be the registered owner; and

　　(2) the transfer of the uncertificated security requested in the instruction will be registered by the issuer free from all liens, security interests, restrictions, and claims other than those specified in the instruction.

　　(d) A guarantor under subsections (a) and (b) or a special guarantor under subsection (c) does not otherwise warrant the rightfulness of the transfer.

　　(e) A person who guarantees an indorsement of a security certificate makes the warranties of a signature guarantor under subsection (a) and also warrants the rightfulness of the transfer in all respects.

　　(c) 特別保證指示的發(fā)出人的簽名的人作出簽名保證人的擔(dān)保在(b)款下，并向發(fā)行人擔(dān)保，在指示被提出時(shí)：

　　(1) 指示中指定的人作為非證書證券的登記的所有人將是登記的所有人;及

　　(2) 指示請(qǐng)求的非證書證券的轉(zhuǎn)讓將由發(fā)行人登記，并不受所有留置權(quán)、擔(dān)保權(quán)益、限制和主張的約束，除指示中指定的以外。

　　(d) (a)和(b)款下的保證人或(c)款下的特定的保證人不在其他方面擔(dān)保該轉(zhuǎn)讓的正當(dāng)性。

　　(e) 保證證券證書的背書的人作出簽名保證人的擔(dān)保在(a) 款下，并所有其他方面擔(dān)保該轉(zhuǎn)讓的正當(dāng)性。 (f) 保證指示請(qǐng)求的非證書證券的轉(zhuǎn)讓的人作出簽名保證人的擔(dān)保在(c)款下，并所有其他方面擔(dān)保該轉(zhuǎn)讓的正當(dāng)性。

　　(f) A person who guarantees an instruction requesting the transfer of an uncertificated security makes the warranties of a special signature guarantor under subsection (c) and also warrants the rightfulness of the transfer in all respects.

　　(g) An issuer may not require a special guaranty of signature, a guaranty of indorsement, or a guaranty of instruction as a condition to registration of transfer.

　　(h) The warranties under this section are made to a person taking or dealing with the security in reliance on the guaranty, and the guarantor is liable to the person for loss resulting from their breach. An indorser or originator of an instruction whose signature, indorsement, or instruction has been guaranteed is liable to a guarantor for any loss suffered by the guarantor as a result of breach of the warranties of the guarantor.

　　§ 8-307. PURCHASER'S RIGHT TO REQUISITES FOR REGISTRATION OF TRANSFER. 購買人對(duì)轉(zhuǎn)讓登記的必要條件的權(quán)利.

　　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.

　　(g) 發(fā)行人不得獲得簽名的特別保證、背書保證或指示保證作為轉(zhuǎn)讓登記的條件。

　　(h) 本條下的擔(dān)保作出給信賴該擔(dān)保而取得或處理該證券的人，并且擔(dān)保人應(yīng)向此人承擔(dān)其違約所導(dǎo)致的損失的責(zé)任。背書人或指示的發(fā)出人的簽名、背書、或指示已經(jīng)被擔(dān)保的，應(yīng)向作為該保證人的擔(dān)保的違反的結(jié)果，保證人遭受的任何損失負(fù)責(zé)。

　　除非另有約定，證券出讓人一經(jīng)要求，應(yīng)當(dāng)供給購買人授權(quán)轉(zhuǎn)讓的證據(jù)，或任何其他獲得該證券的轉(zhuǎn)讓登記的必要條件，但若轉(zhuǎn)讓不是有償?shù)?，出讓人無需遵從除非購買人支付必要的費(fèi)用。若出讓人不在合理的時(shí)間內(nèi)遵從該請(qǐng)求，購買人可以拒絕或廢除該轉(zhuǎn)讓。

　　PART 4. REGISTRATION [Table of Contents] 登記

　　§ 8-401. DUTY OF ISSUER TO REGISTER TRANSFER. 發(fā)行人對(duì)登記轉(zhuǎn)讓的義務(wù).

　　(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 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 8-204;

　　(6) a demand that the issuer not register transfer has not become effective under Section 8-403, or the issuer has complied with Section 8-403(b) but no legal process or indemnity bond is obtained as provided in Section 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.

　　(a) 若記名形式的證書證券被提交給發(fā)行人，請(qǐng)求登記轉(zhuǎn)讓，或指示被提交給發(fā)行人，請(qǐng)求非證書證券的登記轉(zhuǎn)讓，發(fā)行人應(yīng)當(dāng)按照請(qǐng)求登記該轉(zhuǎn)讓，若：

　　(1) 在該證券的條款下，尋求轉(zhuǎn)讓登記的人符合以其名義登記該證券的條件;

　　(2) 背書或指示由適當(dāng)?shù)娜嘶蚓哂写磉m當(dāng)?shù)娜说膶?shí)際授權(quán)的代理人作出;

　　(3) 合理的保證被給予，即該背書或指示為真實(shí)并經(jīng)授權(quán)(§ 8-402);

　　(4) 涉及稅收的任何可適用的法律得到遵從;

　　(5) 該轉(zhuǎn)讓不違反發(fā)行人根據(jù)§ 8-204對(duì)轉(zhuǎn)讓施加的任何限制;

　　(6) 發(fā)行人不登記轉(zhuǎn)讓的請(qǐng)求已經(jīng)生效在§ 8-403下，或發(fā)行人已經(jīng)遵從§ 8-403(b)行事但沒有法律程序或賠償契約根據(jù)§ 8-403(d)規(guī)定獲得;及

　　(7) 該轉(zhuǎn)讓事實(shí)上正當(dāng)或?qū)⒔o予受保障的購買人。

　　(b) 若發(fā)行人有義務(wù)登記證券的轉(zhuǎn)讓，發(fā)行人應(yīng)向提出證書證券或登記指示的人負(fù)責(zé)，或?qū)Υ巳说谋救司筒缓侠磉t延登記或未能或拒絕登記該轉(zhuǎn)讓所導(dǎo)致的損失負(fù)責(zé)。

　　§ 8-402. ASSURANCE THAT INDORSEMENT OR INSTRUCTION IS EFFECTIVE.

　　背書或指示有效的保證.

　　(a) An issuer may require the following assurance that each necessary indorsement or each instruction is genuine and authorized:

　　(1) in all cases, a guaranty of the signature of the person making an indorsement or originating an instruction including, in the case of an instruction, reasonable assurance of identity;

　　(2) if the indorsement is made or the instruction is originated by an agent, appropriate assurance of actual authority to sign;

　　(3) if the indorsement is made or the instruction is originated by a fiduciary pursuant to Section 8-107(a)(4) or (a)(5), appropriate evidence of appointment or incumbency;

　　(4) if there is more than one fiduciary, reasonable assurance that all who are required to sign have done so; and

　　(5) if the indorsement is made or the instruction is originated by a person not covered by another provision of this subsection, assurance appropriate to the case corresponding as nearly as may be to the provisions of this subsection.

　　(a) 發(fā)行人可以獲得下列保證，每一必要的背書或每一指示真實(shí)并經(jīng)授權(quán)：

　　(1) 在所有情形，作出背書或發(fā)出指示的人的簽名的保證包括，在指示的情形，身份的合理保證;

　　(2) 若代理人背書或發(fā)出指示的，實(shí)際授權(quán)簽署的適當(dāng)保證;

　　(3) 若受托人依照§ 8-107(a)(4)或(a)(5) 背書或發(fā)出指示的，委任或職責(zé)的適當(dāng)證據(jù);

　　(4) 若受托人超過一個(gè)，關(guān)于所有被要求如此簽署的受托人已經(jīng)如此做的合理保證;及

　　(5) 若本款其他規(guī)定不包含的人背書或發(fā)出指示的，適于本款的規(guī)定相應(yīng)適于該情形的保證。

　　(b) An issuer may elect to require reasonable assurance beyond that specified in this section.

　　(c) In this section:

　　(1) "Guaranty of the signature" means a guaranty signed by or on behalf of a person reasonably believed by the issuer to be responsible. An issuer may adopt standards with respect to responsibility if they are not manifestly unreasonable.

　　(2) "Appropriate evidence of appointment or incumbency" means:

　　(i) in the case of a fiduciary appointed or qualified by a court, a certificate issued by or under the direction or supervision of the court or an officer thereof and dated within 60 days before the date of presentation for transfer; or

　　(ii) in any other case, a copy of a document showing the appointment or a certificate issued by or on behalf of a person reasonably believed by an issuer to be responsible or, in the absence of that document or certificate, other evidence the issuer reasonably considers appropriate.

　　(b) 發(fā)行人可以選擇獲得超過本條的合理的保證。

　　(c) 本條中：

　　(1) "簽名的保證" 指發(fā)行人合理相信可靠的人簽署或代表其利益簽署的保證。發(fā)行人可以采用關(guān)于責(zé)任的標(biāo)準(zhǔn)若非明顯不合理。

　　(2) "委任或職責(zé)的適當(dāng)證據(jù)"指：

　　(i) 在法院指定或限定的受托人情形，證書根據(jù)法院或其中的官員的指示或監(jiān)督發(fā)行，轉(zhuǎn)讓提示之日前60日內(nèi);或

　　(ii) 任何其他情形，單據(jù)副本顯示該委任的，或者發(fā)行人合理相信可靠的人發(fā)行或代表其發(fā)行的證書的，或者，沒有此類單據(jù)或證書的，發(fā)行人合理認(rèn)為適當(dāng)?shù)钠渌C據(jù)。

　　§ 8-403. DEMAND THAT ISSUER NOT REGISTER TRANSFER.

　　發(fā)行人不登記轉(zhuǎn)讓的要求.

　　(a) A person who is an appropriate person to make an indorsement or originate an instruction may demand that the issuer not register transfer of a security by communicating to the issuer a notification that identifies the registered owner and the issue of which the security is a part and provides an address for communications directed to the person making the demand. The demand is effective only if it is received by the issuer at a time and in a manner affording the issuer reasonable opportunity to act on it.

　　(b) 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 after a demand that the issuer not register transfer has become effective, the issuer shall promptly communicate to (i) the person who initiated the demand at the address provided in the demand and (ii) the person who presented the security for registration of transfer or initiated the instruction requesting registration of transfer a notification stating that:

　　(a) 作出背書或發(fā)出指示的適當(dāng)?shù)娜丝梢砸蟀l(fā)行人不登記證券的轉(zhuǎn)讓，通過傳輸給發(fā)行人一份通知，確定登記的所有人和該證券的發(fā)行是其一部分并和規(guī)定作出該請(qǐng)求的人的通訊地址. 該請(qǐng)求有效，僅當(dāng)其由發(fā)行人以提供發(fā)行人合理的機(jī)會(huì)以按其行為的事件和方式收到。

　　(b) 若記名形式的證書證券被提交給發(fā)行人，要求登記轉(zhuǎn)讓，或指示被提交給發(fā)行人，要求非證書證券的登記轉(zhuǎn)讓，發(fā)行人不登記轉(zhuǎn)讓的請(qǐng)求已經(jīng)生效之后，對(duì)于(i)發(fā)出請(qǐng)求的人，按照其在該請(qǐng)求中規(guī)定的地址，及(ii)為轉(zhuǎn)讓登記而提示證券的人，或發(fā)出要求轉(zhuǎn)讓登記的指示的人，發(fā)行人應(yīng)當(dāng)迅捷傳輸一份通知，規(guī)定：

　　(1) the certificated security has been presented for registration of transfer or the instruction for registration of transfer of the uncertificated security has been received;

　　(2) a demand that the issuer not register transfer had previously been received; and

　　(3) the issuer will withhold registration of transfer for a period of time stated in the notification in order to provide the person who initiated the demand an opportunity to obtain legal process or an indemnity bond.

　　(c) The period described in subsection (b)(3) may not exceed 30 days after the date of communication of the notification. A shorter period may be specified by the issuer if it is not manifestly unreasonable.

　　(1) 為轉(zhuǎn)讓登記，證書證券已經(jīng)被提示，或非證書證券的轉(zhuǎn)讓登記的指示已被收到;

　　(2) 發(fā)行人不登記轉(zhuǎn)讓的請(qǐng)求以前已被收到;及

　　(3) 發(fā)行人將中止轉(zhuǎn)讓登記在該通知中規(guī)定的期間，為了給發(fā)出該請(qǐng)求的人提供一個(gè)機(jī)會(huì)以獲得法律程序或補(bǔ)償保證。

　　(c) (b)(3)規(guī)定的期間不得超過30日在該通知傳輸日期之后。發(fā)行人可以指定一個(gè)更短的期間，若其非明顯不合理。

　　(d) An issuer is not liable to a person who initiated a demand that the issuer not register transfer for any loss the person suffers as a result of registration of a transfer pursuant to an effective indorsement or instruction if the person who initiated the demand does not, within the time stated in the issuer's communication, either:

　　(1) obtain an appropriate restraining order, injunction, or other process from a court of competent jurisdiction enjoining the issuer from registering the transfer; or

　　(2) file with the issuer an indemnity bond, sufficient in the issuer's judgment to protect the issuer and any transfer agent, registrar, or other agent of the issuer involved from any loss it or they may suffer by refusing to register the transfer.

　　(e) This section does not relieve an issuer from liability for registering transfer pursuant to an indorsement or instruction that was not effective.

　　(d) 發(fā)行人不對(duì)這樣的人承擔(dān)責(zé)任，此人發(fā)出一份請(qǐng)求，請(qǐng)求發(fā)行人不登記轉(zhuǎn)讓因作為依照有效背書或指示的轉(zhuǎn)讓之登記的結(jié)果，此人遭受的任何損失，若發(fā)出該請(qǐng)求的人不在發(fā)行人的信息規(guī)定的時(shí)間之內(nèi)，或：(1) 從有權(quán)管轄地的法院獲得適當(dāng)?shù)南拗屏?、禁令、或其他程序，即禁止發(fā)行人登記該轉(zhuǎn)讓;或

　　(2) 為發(fā)行人登記補(bǔ)償保證，發(fā)行人的判斷充分保護(hù)發(fā)行人和任何轉(zhuǎn)讓代理人、登記員、或者，因拒絕登記該轉(zhuǎn)讓其可能遭受的任何損失涉及的發(fā)行人的其他代理人。

　　(e) 本條不減輕發(fā)行人依照無效的背書或指示登記轉(zhuǎn)讓而應(yīng)負(fù)的責(zé)任。

　　§ 8-404. WRONGFUL REGISTRATION. 不當(dāng)?shù)牡怯?

　　(a) Except as otherwise provided in Section 8-406, an issuer is liable for wrongful registration of transfer if the issuer has registered a transfer of a security to a person not entitled to it, and the transfer was registered:

　　(1) pursuant to an ineffective indorsement or instruction;

　　(2) after a demand that the issuer not register transfer became effective under Section 8-403(a) and the issuer did not comply with Section 8-403(b);

　　(3) after the issuer had been served with an injunction, restraining order, or other legal process enjoining it from registering the transfer, issued by a court of competent jurisdiction, and the issuer had a reasonable opportunity to act on the injunction, restraining order, or other legal process; or

　　(a) 除非§ 8-406另有規(guī)定，發(fā)行人應(yīng)對(duì)不當(dāng)?shù)霓D(zhuǎn)讓登記承擔(dān)責(zé)任，若發(fā)行人已登記一張證券對(duì)無權(quán)享有的人的轉(zhuǎn)讓，并且該轉(zhuǎn)讓被登記：

　　(1) 依照無效的背書或指示;

　　(2) 在關(guān)于發(fā)行人不登記轉(zhuǎn)讓的請(qǐng)求在§ 8-403(a)下生效之后，并且發(fā)行人未遵從§ 8-403(b);

　　(3) 在發(fā)行人已被送達(dá)有權(quán)管轄地的法院發(fā)布的禁令、限制令、或禁止其登記該轉(zhuǎn)讓的其他法定程序之后，并且發(fā)行人有合理的機(jī)會(huì)按照禁令、限制令、或其他法定程序行事;或

　　(4) by an issuer acting in collusion with the wrongdoer.

　　(b) An issuer that is liable for wrongful registration of transfer under subsection (a) on demand shall provide the person entitled to the security with a like certificated or uncertificated security, and any payments or distributions that the person did not receive as a result of the wrongful registration. If an overissue would result, the issuer's liability to provide the person with a like security is governed by Section 8-210.

　　(c) Except as otherwise provided in subsection (a) or in a law relating to the collection of taxes, an issuer is not liable to an owner or other person suffering loss as a result of the registration of a transfer of a security if registration was made pursuant to an effective indorsement or instruction.

　　(4) 由發(fā)行人與不當(dāng)行為人串通。

　　(b) 在(a)款下應(yīng)為不當(dāng)?shù)霓D(zhuǎn)讓登記承擔(dān)責(zé)任的發(fā)行人一經(jīng)請(qǐng)求應(yīng)當(dāng)提供給對(duì)該證券享有權(quán)利的人類似的證書證券或非證書證券，以及，由于不當(dāng)?shù)牡怯?，此人未收到的任何付款或分配。若溢價(jià)發(fā)行將產(chǎn)生，發(fā)行人提供給此人類似的證券的責(zé)任由§ 8-210調(diào)整。

　　(c) 除非(a)款或涉及稅收的法律另有規(guī)定，作為證券轉(zhuǎn)讓登記的結(jié)果，若登記依照有效的背書或指示作出，發(fā)行人不對(duì)所有者或其他人遭受的損失承擔(dān)責(zé)任。

　　§ 8-405. REPLACEMENT OF LOST, DESTROYED, OR WRONGFULLY TAKEN SECURITY CERTIFICATE.

　　遺失、毀損或不當(dāng)取得的證券證書的替代.

　　(a) If an owner of a certificated security, whether in registered or bearer form, claims that the certificate has been lost, destroyed, or wrongfully taken, the issuer shall issue a new certificate if the owner:

　　(1) so requests before the issuer has notice that the certificate has been acquired by a protected purchaser;

　　(2) files with the issuer a sufficient indemnity bond; and

　　(3) satisfies other reasonable requirements imposed by the issuer.

　　(b) If, after the issue of a new security certificate, a protected purchaser of the original certificate presents it for registration of transfer, the issuer shall register the transfer unless an overissue would result. In that case, the issuer's liability is governed by Section 8-210. In addition to any rights on the indemnity bond, an issuer may recover the new certificate from a person to whom it was issued or any person taking under that person, except a protected purchaser.

　　(a) 若證書證券的所有者，無論記名形式還是不記名形式，主張?jiān)撟C書已經(jīng)遺失、毀損或不當(dāng)取得的，發(fā)行人應(yīng)當(dāng)發(fā)行新的證書，若該所有者：

　　(1) 如此要求，在發(fā)行人得到受保障的購買人已經(jīng)獲得該證書的通知之前;

　　(2) 為發(fā)行人登記充分的補(bǔ)償保證;及

　　(3) 滿足發(fā)行人施加的其他合理的條件。

　　(b) 在發(fā)行新的證券證書之后，若原證書的受保障的購買人為轉(zhuǎn)讓登記而提示之，發(fā)行人應(yīng)當(dāng)?shù)怯浽撧D(zhuǎn)讓，除非溢價(jià)發(fā)行將產(chǎn)生。在該情形，發(fā)行人的責(zé)任由§ 8-210調(diào)整。除了在補(bǔ)償保證上的任何權(quán)利之外，發(fā)行人可以從新的證書被發(fā)行給的人處取回該新的證書，或從此人處取得該新證書的任何人處，但受保障的購買人除外。

　　§ 8-406. OBLIGATION TO NOTIFY ISSUER OF LOST, DESTROYED, OR WRONGFULLY TAKEN SECURITY CERTIFICATE.

　　通報(bào)遺失、毀損或不當(dāng)取得的證券證書的發(fā)行人的義務(wù).

　　If a security certificate has been lost, apparently destroyed, or wrongfully taken, and the owner fails to notify the issuer of that fact within a reasonable time after the owner has notice of it and the issuer registers a transfer of the security before receiving notification, the owner may not assert against the issuer a claim for registering the transfer under Section 8-404 or a claim to a new security certificate under Section 8-405.

　　若證券證書已被遺失、外表毀損，或不當(dāng)取得，并且所有者未能通報(bào)發(fā)行人該事實(shí)，在該所有者得到通報(bào)之后的合理的時(shí)間內(nèi)，并在收到通知之前，發(fā)行人登記該證券的轉(zhuǎn)讓的，所有者不得對(duì)發(fā)行人提出在§ 8-404下登記該轉(zhuǎn)讓的主張，或?qū)υ?sect; 8-405下的新的證券證書的主張。

　　§ 8-407. AUTHENTICATING TRUSTEE, TRANSFER AGENT, AND REGISTRAR.

　　認(rèn)證受托人、轉(zhuǎn)讓代理人和登記員.

　　A person acting as authenticating trustee, transfer agent, registrar, or other agent for an issuer in the registration of a transfer of its securities, in the issue of new security certificates or uncertificated securities, or in the cancellation of surrendered security certificates has the same obligation to the holder or owner of a certificated or uncertificated security with regard to the particular functions performed as the issuer has in regard to those functions.

　　在其證券的轉(zhuǎn)讓登記中，在新證券證書或非證書證券的發(fā)行中，或在被交出的證券證書的取消中，為發(fā)行人但當(dāng)認(rèn)證受托人、轉(zhuǎn)讓代理人、登記員、或其他代理人的人，關(guān)于發(fā)行人已經(jīng)履行的特殊機(jī)能，與證書證券或非證書證券的持有人或所有者有相同的義務(wù)關(guān)于那些機(jī)能。

　　PART 5. SECURITY ENTITLEMENTS [Table of Contents] 證券權(quán)利

　　§ 8-501. SECURITIES ACCOUNT; ACQUISITION OF SECURITY ENTITLEMENT FROM SECURITIES INTERMEDIARY.

　　證券帳戶;證券權(quán)利從證券中介的獲得.

　　(a) "Securities account" means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset.

　　(b) Except as otherwise provided in subsections (d) and (e), a person acquires a security entitlement if a securities intermediary:

　　(1) indicates by book entry that a financial asset has been credited to the person's securities account;

　　(2) receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person's securities account; or

　　(3) becomes obligated under other law, regulation, or rule to credit a financial asset to the person's securities account.

　　(a) "證券帳戶" 指依照一項(xiàng)協(xié)議，融資財(cái)產(chǎn)被或可以被記入貸方的帳戶，在該協(xié)議下，維持該帳戶的人承諾對(duì)該帳戶為其維持的人作為有權(quán)行使包含該融資財(cái)產(chǎn)的權(quán)利。

　　(b) 除非(d)和(e)款另有規(guī)定，一個(gè)人獲得證券權(quán)利，若證券中介：

　　(1) 通過帳面記錄(book entry)指出融資財(cái)產(chǎn)已經(jīng)被記入貸方到此人的證券帳戶;

　　(2) 從此人處收到融資財(cái)產(chǎn)或?yàn)榇巳双@得融資財(cái)產(chǎn)，以及，在任一情形，接受其記入貸方到此人的證券帳戶;或

　　(3) 根據(jù)其他法律、規(guī)章或規(guī)則有義務(wù)把融資財(cái)產(chǎn) 記入貸方到此人的證券帳戶。

　　(c) If a condition of subsection (b) has been met, a person has a security entitlement even though the securities intermediary does not itself hold the financial asset.

　　(d) If a securities intermediary holds a financial asset for another person, and the financial asset is registered in the name of, payable to the order of, or specially indorsed to the other person, and has not been indorsed to the securities intermediary or in blank, the other person is treated as holding the financial asset directly rather than as having a security entitlement with respect to the financial asset.

　　(e) Issuance of a security is not establishment of a security entitlement.

　　(c) 若(b)款的條件被滿足，一個(gè)人享有證券權(quán)利即使證券中介本人不持有該融資財(cái)產(chǎn)。

　　(d) 若證券中介為其他人持有融資財(cái)產(chǎn) ，并且該融資財(cái)產(chǎn)以其他人的名義登記，應(yīng)按其他人的指令支付，或被特別背書給其他人，并且，沒有被背書給證券中介或空白背書，其他人視為直接持有該融資財(cái)產(chǎn)而非享有關(guān)于該融資財(cái)產(chǎn)的證券權(quán)利。

　　(e) 證券的發(fā)行不是證券權(quán)利的確立。

　　§ 8-502. ASSERTION OF ADVERSE CLAIM AGAINST ENTITLEMENT HOLDER.

　　對(duì)權(quán)利持有人的不利主張聲明.

　　An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquires a security entitlement under Section 8-501 for value and without notice of the adverse claim.

　　基于對(duì)融資財(cái)產(chǎn)的不利主張的訴訟，無論是否在財(cái)產(chǎn)轉(zhuǎn)換(conversion)、發(fā)還財(cái)物、法定信托(constructive trust)、平衡法留置權(quán)、或其他理論中設(shè)定，不得向有償?shù)夭⑶覜]有得到不利主張的通知而獲得在§ 8-501下的證券權(quán)利的人主張。

　　§ 8-503. PROPERTY INTEREST OF ENTITLEMENT HOLDER IN FINANCIAL ASSET HELD BY SECURITIES INTERMEDIARY.

　　證券中介持有的融資財(cái)產(chǎn)中權(quán)利持有人的財(cái)產(chǎn)權(quán)益.

　　(a) To the extent necessary for a securities intermediary to satisfy all security entitlements with respect to a particular financial asset, all interests in that financial asset held by the securities intermediary are held by the securities intermediary for the entitlement holders, are not property of the securities intermediary, and are not subject to claims of creditors of the securities intermediary, except as otherwise provided in Section 8-511.

　　(b) An entitlement holder's property interest with respect to a particular financial asset under subsection (a) is a pro rata property interest in all interests in that financial asset held by the securities intermediary, without regard to the time the entitlement holder acquired the security entitlement or the time the securities intermediary acquired the interest in that financial asset.

　　(c) An entitlement holder's property interest with respect to a particular financial asset under subsection (a) may be enforced against the securities intermediary only by exercise of the entitlement holder's rights under Sections 8-505 through 8-508.

　　(a) 在證券中介清償關(guān)于特定融資財(cái)產(chǎn)的所有證券權(quán)利為必要的范圍內(nèi)，在證券中介持有的融資財(cái)產(chǎn)上的所有權(quán)益由證券中介為權(quán)利持有人持有，不是證券中介的財(cái)產(chǎn)，并且不受證券中介的債權(quán)人的主張影響，除非§ 8-511另有規(guī)定。

　　(b) 權(quán)利持有人關(guān)于在(a)款下特定的融資財(cái)產(chǎn)的財(cái)產(chǎn)權(quán)益是在該證券中介持有的融資財(cái)產(chǎn)中的全部權(quán)益中的成比例的財(cái)產(chǎn)權(quán)益，不考慮權(quán)利持有人獲得證券權(quán)利的時(shí)間，或證券中介獲得在該融資財(cái)產(chǎn)中的權(quán)益的時(shí)間。

　　(c) 權(quán)利持有人關(guān)于在(a)款下特定的融資財(cái)產(chǎn)的財(cái)產(chǎn)權(quán)益，僅通過權(quán)利持有人在§ 8-505至8-508下的權(quán)利的行使，可以向證券中介執(zhí)行。

　　(d) An entitlement holder's property interest with respect to a particular financial asset under subsection (a) may be enforced against a purchaser of the financial asset or interest therein only if:

　　(1) insolvency proceedings have been initiated by or against the securities intermediary;

　　(2) the securities intermediary does not have sufficient interests in the financial asset to satisfy the security entitlements of all of its entitlement holders to that financial asset;

　　(3) the securities intermediary violated its obligations under Section 8-504 by transferring the financial asset or interest therein to the purchaser; and

　　(4) the purchaser is not protected under subsection (e).

　　The trustee or other liquidator, acting on behalf of all entitlement holders having security entitlements with respect to a particular financial asset, may recover the financial asset, or interest therein, from the purchaser. If the trustee or other liquidator elects not to pursue that right, an entitlement holder whose security entitlement remains unsatisfied has the right to recover its interest in the financial asset from the purchaser.

　　(e) An action based on the entitlement holder's property interest with respect to a particular financial asset under subsection (a), whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against any purchaser of a financial asset or interest therein who gives value, obtains control, and does not act in collusion with the securities intermediary in violating the securities intermediary's obligations under Section 8-504.

　　(d) 權(quán)利持有人關(guān)于在(a)款下特定的融資財(cái)產(chǎn)的財(cái)產(chǎn)權(quán)益，可以向融資財(cái)產(chǎn)或其中的權(quán)益的購買人執(zhí)行，僅當(dāng)：

　　(1) 破產(chǎn)程序已經(jīng)被由證券中介發(fā)起或?qū)ζ浒l(fā)起;

　　(2) 證券中介不具有充分的權(quán)益在該融資財(cái)產(chǎn)中以清償所有其權(quán)利持有人對(duì)該融資財(cái)產(chǎn)的證券權(quán)利;

　　(3)通過轉(zhuǎn)讓融資財(cái)產(chǎn)或其中的權(quán)益給購買人，證券中介違反其在§ 8-504下的義務(wù);及

　　(4) 購買人不受保護(hù)在(e)款下。

　　受托人或其他清算人，代理享有關(guān)于特定的融資財(cái)產(chǎn)的證券權(quán)利的所有權(quán)利持有人行事的，可以向購買人取回融資財(cái)產(chǎn)或其中的權(quán)益。若受托人或其他清算人選擇不去追尋該權(quán)利， 證券權(quán)利 未得到滿足的權(quán)利持有人有權(quán)向購買人取回其在融資財(cái)產(chǎn)中的權(quán)益。

　　(e) 基于權(quán)利持有人關(guān)于在(a)款下特定的融資財(cái)產(chǎn)的財(cái)產(chǎn)權(quán)益的訴訟，無論是否在財(cái)產(chǎn)轉(zhuǎn)換、發(fā)還財(cái)物、法定信托、平衡法留置權(quán)、或其他理論中設(shè)定，不得向融資財(cái)產(chǎn)或其中的權(quán)益的任何購買人主張，若該購買人給予對(duì)價(jià)、獲得控制，并不與證券中介串通違反該證券中介的在§ 8-504下的義務(wù)。

　　§ 8-504. DUTY OF SECURITIES INTERMEDIARY TO MAINTAIN FINANCIAL ASSET.

　　證券中介維持融資財(cái)產(chǎn)的義務(wù).

　　(a) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it has established in favor of its entitlement holders with respect to that financial asset. The securities intermediary may maintain those financial assets directly or through one or more other securities intermediaries.

　　(b) Except to the extent otherwise agreed by its entitlement holder, a securities intermediary may not grant any security interests in a financial asset it is obligated to maintain pursuant to subsection (a).

　　(c) A securities intermediary satisfies the duty in subsection (a) if:

　　(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or

　　(2) in the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to obtain and maintain the financial asset.

　　(d) This section does not apply to a clearing corporation that is itself the obligor of an option or similar obligation to which its entitlement holders have security entitlements.

　　(a) 證券中介應(yīng)當(dāng)迅捷地獲得并隨后保持融資財(cái)產(chǎn)在數(shù)量上與有利于其權(quán)利持有人其已經(jīng)證明的關(guān)于該融資財(cái)產(chǎn)的所有證券權(quán)利的合計(jì)相一致。證券中介可以直接或通過一個(gè)或更多其他證券中介，保持那些融資財(cái)產(chǎn)。

　　(b) 除由其權(quán)利持有人另有約定的范圍外，證券中介不得承認(rèn)依照(a)款，其有義務(wù)保持的融資財(cái)產(chǎn)中的任何證券權(quán)益。

　　(c) 證券中介符合(a)款規(guī)定的義務(wù)，若：

　　(1) 關(guān)于該義務(wù)，證券中介按照權(quán)利持有人和證券中介的約定行事;或

　　(2) 沒有約定的，證券中介行使依照合理的商業(yè)標(biāo)準(zhǔn)應(yīng)盡的關(guān)心以獲得并保持該融資財(cái)產(chǎn)。

　　(d) 本條不適用于代理商品交易公司，若其本身是選擇權(quán)或其權(quán)利持有人對(duì)其享有證券權(quán)利的類似義務(wù)的義務(wù)人。

　　§ 8-505. DUTY OF SECURITIES INTERMEDIARY WITH RESPECT TO PAYMENTS AND DISTRIBUTIONS.

　　證券中介關(guān)于付款和分配的義務(wù).

　　(a) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if:

　　(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or

　　(2) in the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to attempt to obtain the payment or distribution.

　　(b) A securities intermediary is obligated to its entitlement holder for a payment or distribution made by the issuer of a financial asset if the payment or distribution is received by the securities intermediary.

　　(a) 證券中介應(yīng)當(dāng)提起訴訟以獲得融資財(cái)產(chǎn)的發(fā)行人作出的付款或分配。證券中介符合該義務(wù)，若：

　　(1) 關(guān)于該義務(wù)，證券中介按照權(quán)利持有人和證券中介的約定行事;或

　　(2) 沒有約定的，證券中介行使依照合理的商業(yè)標(biāo)準(zhǔn)應(yīng)盡的關(guān)心以嘗試獲得該付款或分配。

　　(b) 關(guān)于融資財(cái)產(chǎn)的發(fā)行人作出的付款或分配，證券中介對(duì)其權(quán)利持有人負(fù)有責(zé)任，若證券中介收到該付款或分配。

　　§ 8-506. DUTY OF SECURITIES INTERMEDIARY TO EXERCISE RIGHTS AS DIRECTED BY ENTITLEMENT HOLDER.

　　證券中介按照權(quán)利持有人指示行使權(quán)利的義務(wù).

　　A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfies the duty if:

　　(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or

　　(2) in the absence of agreement, the securities intermediary either places the entitlement holder in a position to exercise the rights directly or exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder.

　　若權(quán)利持有人指示，證券中介應(yīng)當(dāng)行使關(guān)于融資財(cái)產(chǎn)的權(quán)利。證券中介符合該義務(wù)，若：

　　(1) 關(guān)于該義務(wù)，證券中介按照權(quán)利持有人和證券中介的約定行事;或

　　(2) 沒有約定的，證券中介或者放置權(quán)利持有人在直接行使該權(quán)利的位置，或行使依照合理的商業(yè)標(biāo)準(zhǔn)應(yīng)盡的關(guān)心以遵從該權(quán)利持有人的指示。

　　§ 8-507. DUTY OF SECURITIES INTERMEDIARY TO COMPLY WITH ENTITLEMENT ORDER.

　　證券中介遵照權(quán)益指令的義務(wù).

　　(a) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement order is genuine and authorized, and the securities intermediary has had reasonable opportunity to comply with the entitlement order. A securities intermediary satisfies the duty if:

　　(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or

　　(2) in the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to comply with the entitlement order.

　　(b) If a securities intermediary transfers a financial asset pursuant to an ineffective entitlement order, the securities intermediary shall reestablish a security entitlement in favor of the person entitled to it, and pay or credit any payments or distributions that the person did not receive as a result of the wrongful transfer. If the securities intermediary does not reestablish a security entitlement, the securities intermediary is liable to the entitlement holder for damages.

　　(a) 證券中介應(yīng)當(dāng)遵從權(quán)益指令若該權(quán)益指令由適當(dāng)?shù)娜税l(fā)出，證券中介已有合理的機(jī)會(huì)使其自己確信該權(quán)益指令為真實(shí)并經(jīng)授權(quán)，并且證券中介已有有合理的機(jī)會(huì)遵照該權(quán)益指令。證券中介符合該義務(wù)，若：(1) 關(guān)于該義務(wù)，證券中介按照權(quán)利持有人和證券中介的約定行事;或

　　(2) 沒有協(xié)議的，證券中介盡應(yīng)當(dāng)?shù)年P(guān)心遵照合理的商業(yè)標(biāo)準(zhǔn)遵從該權(quán)益指令。

　　(b) 若證券中介依照無效的權(quán)益指令轉(zhuǎn)讓融資財(cái)產(chǎn)，證券中介應(yīng)當(dāng)為對(duì)其享有權(quán)利的人的利益重建(reestablish)證券權(quán)利，并支付或賒欠此人由于該不當(dāng)轉(zhuǎn)讓而未收到的任何付款或分配。若證券中介不重建證券權(quán)利，該證券中介應(yīng)對(duì)權(quán)利持有人負(fù)損害賠償責(zé)任。

　　§ 8-508. DUTY OF SECURITIES INTERMEDIARY TO CHANGE ENTITLEMENT HOLDER'S POSITION TO OTHER FORM OF SECURITY HOLDING.

　　證券中介改變權(quán)利持有人的地位為證券持有的其他形式的義務(wù).

　　A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible, or to cause the financial asset to be transferred to a securities account of the entitlement holder with another securities intermediary. A securities intermediary satisfies the duty if:

　　(1) the securities intermediary acts as agreed upon by the entitlement holder and the securities intermediary; or

　　(2) in the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder.

　　證券中介應(yīng)當(dāng)根據(jù)權(quán)利持有人的指示，改變證券權(quán)利為權(quán)利持有人符合條件的其他可獲得的持有形式，或促使該融資財(cái)產(chǎn)被轉(zhuǎn)讓給權(quán)利持有人在其他證券中介的證券帳戶。證券中介符合該義務(wù)，若：

　　(1) 關(guān)于該義務(wù)，證券中介按照權(quán)利持有人和證券中介的約定行事;或

　　(2) 沒有協(xié)議的，證券中介盡應(yīng)當(dāng)?shù)年P(guān)心遵照合理的商業(yè)標(biāo)準(zhǔn)遵從權(quán)利持有人的指示。

　　§ 8-509. SPECIFICATION OF DUTIES OF SECURITIES INTERMEDIARY BY OTHER STATUTE OR REGULATION; MANNER OF PERFORMANCE OF DUTIES OF SECURITIES INTERMEDIARY AND EXERCISE OF RIGHTS OF ENTITLEMENT HOLDER.

　　其他法令或規(guī)章對(duì)證券中介的義務(wù)的規(guī)范;證券中介義務(wù)的履行方式和權(quán)利持有人權(quán)利的行使.

　　(a) If the substance of a duty imposed upon a securities intermediary by Sections 8-504 through 8-508 is the subject of other statute, regulation, or rule, compliance with that statute, regulation, or rule satisfies the duty.

　　(b) To the extent that specific standards for the performance of the duties of a securities intermediary or the exercise of the rights of an entitlement holder are not specified by other statute, regulation, or rule or by agreement between the securities intermediary and entitlement holder, the securities intermediary shall perform its duties and the entitlement holder shall exercise its rights in a commercially reasonable manner.

　　(c) The obligation of a securities intermediary to perform the duties imposed by Sections 8-504 through 8-508 is subject to:

　　(1) rights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise; and

　　(2) rights of the securities intermediary under other law, regulation, rule, or agreement to withhold performance of its duties as a result of unfulfilled obligations of the entitlement holder to the securities intermediary.

　　(d) Sections 8-504 through 8-508 do not require a securities intermediary to take any action that is prohibited by other statute, regulation, or rule.

　　(a) 若§s 8-504至8-508 施加給證券中介的義務(wù)的實(shí)質(zhì)是其他法令、規(guī)章、或規(guī)則的標(biāo)的，遵照該法令、規(guī)章、或規(guī)則的，符合該義務(wù)。

　　(b) 在證券中介的義務(wù)的履行或權(quán)利持有人的權(quán)利的行使的特定標(biāo)準(zhǔn)不被其他法令、規(guī)章、或規(guī)則或證券中介和權(quán)利持有人之間的協(xié)議規(guī)定的范圍內(nèi)，證券中介履行其義務(wù)及權(quán)利持有人行使其權(quán)利應(yīng)當(dāng)以商業(yè)上合理的方式。

　　(c) 證券中介履行§ 8-504到 8-508施加的義務(wù)的義務(wù)受下述影響：

　　(1) 產(chǎn)生于與權(quán)利持有人或其他人的擔(dān)保協(xié)議下的擔(dān)保權(quán)益的證券中介的權(quán)利;及

　　(2) 作為權(quán)利持有人對(duì)證券中介的無法履行的義務(wù)的結(jié)果，證券中介在其他法令、規(guī)章、規(guī)則，或協(xié)議下的停止履行其義務(wù)的權(quán)利;

　　(d) § 8-504 到8-508 不要求證券中介提起其他法令、規(guī)章、或規(guī)則禁止的任何訴訟。

　　§ 8-510. RIGHTS OF PURCHASER OF SECURITY ENTITLEMENT FROM ENTITLEMENT HOLDER.

　　權(quán)利持有人的證券權(quán)利的購買人的權(quán)利.

　　(a) In a case not covered by the priority rules in Article 9 or the rules stated in subsection (c), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who purchases a security entitlement, or an interest therein, from an entitlement holder if the purchaser gives value, does not have notice of the adverse claim, and obtains control.

　　(a) 在第9篇的優(yōu)先性規(guī)則或(c)款規(guī)定的規(guī)則不包含的情形，基于對(duì)融資財(cái)產(chǎn)或證券權(quán)利的不利主張的訴訟，無論是否在財(cái)產(chǎn)轉(zhuǎn)換、發(fā)還財(cái)物、法定信托、平衡法留置權(quán)、或其他理論中設(shè)定，不得向從權(quán)利持有人處購買證券權(quán)利或其中的權(quán)益的人主張，若購買人給予對(duì)價(jià)，沒有得到不利主張的通知，并獲得控制。

　　(b) If an adverse claim could not have been asserted against an entitlement holder under Section 8-502, the adverse claim cannot be asserted against a person who purchases a security entitlement, or an interest therein, from the entitlement holder.

　　(c) In a case not covered by the priority rules in Article 9, a purchaser for value of a security entitlement, or an interest therein, who obtains control has priority over a purchaser of a security entitlement, or an interest therein, who does not obtain control. Except as otherwise provided in subsection (d), purchasers who have control rank according to priority in time of:

　　(1) the purchaser's becoming the person for whom the securities account, in which the security entitlement is carried, is maintained, if the purchaser obtained control under Section 8-106(d)(1);

　　(2) the securities intermediary's agreement to comply with the purchaser's entitlement orders with respect to security entitlements carried or to be carried in the securities account in which the security entitlement is carried, if the purchaser obtained control under Section 8-106(d)(2); or

　　(3) if the purchaser obtained control through another person under Section 8-106(d)(3), the time on which priority would be based under this subsection if the other person were the secured party.

　　(d) A securities intermediary as purchaser has priority over a conflicting purchaser who has control unless otherwise agreed by the securities intermediary.

　　(b) 若不利主張不可能已經(jīng)向在§ 8-502下的權(quán)利持有人主張，該不利主張不得向從權(quán)利持有人處購買證券權(quán)利或其中的權(quán)益的人主張。

　　(c) 在第9篇的優(yōu)先性規(guī)則不包含的情形，有償獲得證券權(quán)利或其權(quán)益的購買人獲得控制優(yōu)先于沒有獲得控制的證券權(quán)利或其權(quán)益的購買人。除非(d)款另有規(guī)定，購買人具有控制的，按下列時(shí)間排列優(yōu)先次序：(1) 購買人成為承載證券權(quán)利的證券帳戶為其維持的人，若購買人獲得在§ 8-106(d)(1)下的控制;

　　(2)關(guān)于承載證券權(quán)利的證券帳戶承載或?qū)⒊休d的證券權(quán)利，證券中介同意遵從購買人的權(quán)益指令，若購買人獲得在§ 8-106(d)(2)下的控制;或

　　(3) 若購買人通過在§ 8-106(d)(3)下的其他人獲得控制，優(yōu)先權(quán)將在本款下建立的時(shí)間，若其他人是被擔(dān)保的當(dāng)事人。

　　(d) 作為購買人的證券中介具有優(yōu)先于具有控制的沖突性的購買人的權(quán)利，除非證券中介另有約定。

　　§ 8-511. PRIORITY AMONG SECURITY INTERESTS AND ENTITLEMENT HOLDERS.

　　在擔(dān)保權(quán)益和權(quán)利持有人之中的優(yōu)先性

　　(a) Except as otherwise provided in subsections (b) and (c), if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities intermediary who has a security interest in that financial asset, the claims of entitlement holders, other than the creditor, have priority over the claim of the creditor.

　　(b) A claim of a creditor of a securities intermediary who has a security interest in a financial asset held by a securities intermediary has priority over claims of the securities intermediary's entitlement holders who have security entitlements with respect to that financial asset if the creditor has control over the financial asset.

　　(c) If a clearing corporation does not have sufficient financial assets to satisfy both its obligations to entitlement holders who have security entitlements with respect to a financial asset and its obligation to a creditor of the clearing corporation who has a security interest in that financial asset, the claim of the creditor has priority over the claims of entitlement holders.

　　(a) 除非(b)和(c)款另有規(guī)定，若證券中介在特定的融資財(cái)產(chǎn)上沒有充分的權(quán)益以清償其對(duì)該融資財(cái)產(chǎn)享有證券權(quán)利的權(quán)利持有人的義務(wù)，及其對(duì)在該融資財(cái)產(chǎn)享有擔(dān)保權(quán)益的證券中介的債權(quán)人的義務(wù)，除債權(quán)人之外的權(quán)利持有人的主張，優(yōu)先于債權(quán)人.的主張。

　　(b) 在證券中介持有的融資財(cái)產(chǎn)中享有擔(dān)保權(quán)益的證券中介債權(quán)人的主張優(yōu)先于關(guān)于該融資財(cái)產(chǎn)享有證券權(quán)利的證券中介的權(quán)利持有人的主張，若債權(quán)人具有對(duì)融資財(cái)產(chǎn)的控制。

　　(c) 若代理商品交易公司沒有充分的融資財(cái)產(chǎn)清償對(duì)享有關(guān)于融資財(cái)產(chǎn)的證券權(quán)利的權(quán)利持有人的債務(wù)和其對(duì)于在融資財(cái)產(chǎn)上享有擔(dān)保權(quán)益的代理商品交易公司的債權(quán)人的義務(wù)，債權(quán)人的主張優(yōu)先于權(quán)利持有人s的主張。

　　PART 6. TRANSITION PROVISIONS FOR REVISED ARTICLE 8 AND CONFORMING AMENDMENTS TO ARTICLES 1, 4, 5, 9, AND 10 [Table of Contents]

　　協(xié)調(diào)修正版第8篇及第1、4、5、9、及10篇的過渡條款

　　§ 8-601. EFFECTIVE DATE. 生效日期.

　　This [Act] takes effect . 本[法案] 生效于 ... .

　　§ 8-602. REPEALS. 廢止.

　　This [Act] repeals . 本[法案]廢止 ... .

　　§ 8-603. SAVINGS CLAUSE. 保留條款.

　　(a) This [Act] does not affect an action or proceeding commenced before this [Act] takes effect.

　　(b) If a security interest in a security is perfected at the date this [Act] takes effect, and the action by which the security interest was perfected would suffice to perfect a security interest under this [Act], no further action is required to continue perfection. If a security interest in a security is perfected at the date this [Act] takes effect but the action by which the security interest was perfected would not suffice to perfect a security interest under this [Act], the security interest remains perfected for a period of four months after the effective date and continues perfected thereafter if appropriate action to perfect under this [Act] is taken within that period. If a security interest is perfected at the date this [Act] takes effect and the security interest can be perfected by filing under this [Act], a financing statement signed by the secured party instead of the debtor may be filed within that period to continue perfection or thereafter to perfect.

　　(a) 本[法案]不影響在本[法案]生效以前提起的訴訟或程序。

　　(b) 若在證券上的擔(dān)保權(quán)益在本[法案]生效之日完善，并且，使擔(dān)保權(quán)益完善的訴訟足以完善在本[法案]下的擔(dān)保權(quán)益，沒有更進(jìn)一步的訴訟被要求去繼續(xù)完善。若 在證券上的擔(dān)保權(quán)益在本[法案]生效之日完善，但是，使擔(dān)保權(quán)益完善的訴訟不足以完善在本[法案]下的擔(dān)保權(quán)益，擔(dān)保權(quán)益在該生效日期之后4個(gè)月的期間保 持完善性，并在其后繼續(xù)完善性，若在本[法案]下適于完善的訴訟在該期間提起。若擔(dān)保權(quán)益在本[法案]生效之日完善，并且，擔(dān)保權(quán)益可以通過在本[法案] 下的登記完善，擔(dān)保權(quán)人代替?zhèn)鶆?wù)人簽署的融資申明書可在該期間登記以繼續(xù)其完善性或其后完善。