Okla. Stat. tit. 12A, § 8-207
Oklahoma Code Comment
Section 8-207 provides that the issuer may treat the registered owner of a security as the owner for all purposes until such time as the certificate or other form of re-registration is presented to the issuer for transfer. This follows prior law and reflects the case law in Oklahoma. See Hastie v. FDIC, 2 F.3d 1042 (10th Cir. 1993); In re Hawaii Corp., 59 Bankr. 410 (D. Haw. 1986); P.E.B. Commentary No. 4; ALVIN C. HARRELL, FRED H. MILLER & WM. E. CARROLL, THE LAW OF PERSONAL PROPERTY SECURED TRANSACTIONS at 252-53 (1994). However, the revisions to Section 9-306 would reverse the Hastie conclusion that dividends are not proceeds of common stock.
See Kirkpatrick v. Jacobson's Lifetime Buildings, Inc., 467 P.2d 489 (Okla. 1970), an action to determine ownership of stock. The court held the evidence warranted a finding that the corporation owned stock, notwithstanding that the certificate was in another's possession or the stock was only transferred on the corporation's books and the stock certificate was not surrendered to the corporation.
Prior Statutory Provisions:
18 Okla. Stat. § 1.86 (1947).
Pre-revision UCC § 8-207.