Legislation
SECTION 74.00
Conversion and reconversion of notes
Local Finance (LFN) CHAPTER 33-A, ARTICLE 2, TITLE 5
§ 74.00 Conversion and reconversion of notes. a. A note payable to
bearer, if it so provides, shall be converted into a registered note at
the request of the holder. The registration agent shall register such
note in his books in the name of the holder and endorse a certificate of
such registration upon the note. In like manner, at the written request
of the registered holder of the note so converted, or his legal
representatives, successors, or transferees, the registration agent
shall reconvert such note into a note payable to bearer by registering
such note in his books as payable to bearer and endorsing a certificate
of such registration upon the note. Such request shall be duly
acknowledged or proved, or in the alternative the signature thereto
shall be certified as to its genuineness by an officer of a bank or
trust company located and authorized to do business in this state. Such
note may again and from time to time be converted into a registered note
and reconverted into a note payable to bearer in the manner provided in
this paragraph.
b. A note issued in registered form, if it so provides, shall be
converted into a note payable to bearer at the written request of the
registered holder, or his legal representatives, successors, or
transferees. Such request shall be duly acknowledged or proved, or in
the alternative the signature thereto shall be certified as to its
genuineness by an officer of a bank or trust company located and
authorized to do business in this state. The registration agent shall
register such note in his books as payable to bearer, and shall endorse
a certificate of such registration upon the note. In like manner, at the
request of the holder of a note so converted, the registration agent
shall reconvert such note into a registered note by registering such
note in his books in the name of the holder and endorsing a certificate
of such registration upon the note. Such note may again and from time to
time be converted into a note payable to bearer and reconverted into a
registered note in the manner provided in this paragraph.
bearer, if it so provides, shall be converted into a registered note at
the request of the holder. The registration agent shall register such
note in his books in the name of the holder and endorse a certificate of
such registration upon the note. In like manner, at the written request
of the registered holder of the note so converted, or his legal
representatives, successors, or transferees, the registration agent
shall reconvert such note into a note payable to bearer by registering
such note in his books as payable to bearer and endorsing a certificate
of such registration upon the note. Such request shall be duly
acknowledged or proved, or in the alternative the signature thereto
shall be certified as to its genuineness by an officer of a bank or
trust company located and authorized to do business in this state. Such
note may again and from time to time be converted into a registered note
and reconverted into a note payable to bearer in the manner provided in
this paragraph.
b. A note issued in registered form, if it so provides, shall be
converted into a note payable to bearer at the written request of the
registered holder, or his legal representatives, successors, or
transferees. Such request shall be duly acknowledged or proved, or in
the alternative the signature thereto shall be certified as to its
genuineness by an officer of a bank or trust company located and
authorized to do business in this state. The registration agent shall
register such note in his books as payable to bearer, and shall endorse
a certificate of such registration upon the note. In like manner, at the
request of the holder of a note so converted, the registration agent
shall reconvert such note into a registered note by registering such
note in his books in the name of the holder and endorsing a certificate
of such registration upon the note. Such note may again and from time to
time be converted into a note payable to bearer and reconverted into a
registered note in the manner provided in this paragraph.