§12A-8-114.

§12A-8-114.
   
   Evidentiary Rules Concerning Certificated Securities.
   
   The following rules apply in an action on a certificated security
   against the issuer:
   
   (1) Unless specifically denied in the pleadings, each signature on a
   security certificate or in a necessary indorsement is admitted;
   
   (2) If the effectiveness of a signature is put in issue, the burden of
   establishing effectiveness is on the party claiming under the
   signature, but the signature is presumed to be genuine or authorized;
   
   (3) If signatures on a security certificate are admitted or
   established, production of the certificate entitles a holder to
   recover on it unless the defendant establishes a defense or a defect
   going to the validity of the security; and
   
   (4) If it is shown that a defense or defect exists, the plaintiff has
   the burden of establishing that the plaintiff or some person under
   whom the plaintiff claims is a person against whom the defense or
   defect cannot be asserted.