legal transfer

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Legal transfer

A stock transaction that requires special documentation in addition to standard stock or bond power to be legally valid.

Legal Transfer

The transfer of a security that requires extra documentation. For example, the sale of a security by the estate of a dead person may require the executor of the estate or someone else to submit a death certificate in addition to the security's own certificate. In this case, legal transfer ensures that the executor has not stolen the security from the deceased.

legal transfer

The transfer of a registered security when more than an endorsed bond or stock power is required for legal change of ownership. For example, transfer of securities registered to a deceased person usually requires submission of a death certificate.
References in periodicals archive ?
This is especially so where the priority rule dispute is between a prior unperfected legal transfer of an account and a subsequent perfected transfer of the account.
B Prior Unperfected Equitable Transfer with Notice to Account Debtor I Subsequent Unperfected Legal Transfer with Notice to Account Debtor
Where a prior unperfected legal transfer of an account is followed by a perfected transfer of the same account, is there a basis for asserting that the priority accorded to the second transferee is a statutory exception to the nemo dat rule implicit in or flowing inherently from the priority rules in the PPSA?
Canadian authority suggests that a subsequent perfected security interest over an account has priority over the prior unperfected statutory legal transfer of the same account.
If the PPSA applies, the granting of priority to a prior unperfected legal transfer of an account over a subsequent perfected transfer of that account on the basis of the nemo dat principle ignores this statutory directive.
Aside from combating the risk of diversion, however, there is a second reason why legal transfers must be controlled.
all states should exercise restraint in the legal transfer of surplus weapons, and should consider the destruction of surplus weapons (para.