1. If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in any other respect:
a. any person may complete it by filling in the blanks as authorized; and
b. 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.
2. A complete security certificate that has been improperly altered, even if fraudulently, remains enforceable, but only according to its original terms.
[S13, § 3060-a14, -a15, -a124; C24, 27, 31, 35, 39, § 9474, 9475, 9585; C46, § 541.14, 541.15, 541.25; C50, 54, 58, 62, § 493A.16, 541.14, 541.15, 541.125; C66, 71, 73, 75, 77, 79, 81, § 554.8206]
89 Acts, ch 113, § 13; 96 Acts, ch 1138, § 29, 84
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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