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.
[C50, 54, 58, 62, § 493A.15; C66, 71, 73, 75, 77, 79, 81, § 554.8204]
89 Acts, ch 113, § 11; 96 Acts, ch 1138, § 27, 84
Referred to in § 554.8401
1996 amendments take effect July 1, 1997; 96 Acts, ch 1138, § 84; for provisions governing the continued perfection of security interests that are perfected as of July 1, 1997, see 96 Acts, ch 1138, § 80, 84; for law prior to July 1, 1997, see Code 1995
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