Section 8--304. Indorsement.

(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.