§12A-8-304.

§12A-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 of this title and not
   an obligation that the security will be honored by the issuer.