# A.R.S. § 47-8304: 47-8304 Indorsement

> Arizona · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_AZ_T47_C8_A3_S8304

## Section

- **Citation:** A.R.S. § 47-8304
- **Heading:** 47-8304 Indorsement
- **Jurisdiction:** Arizona
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Arizona Code / Title 47 / Chapter 8 / Article 3 / Section 8304

## Text

47-8304. 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 47-8108 and not an obligation that the security will be honored by the issuer.

## Nearby sections

- [A.R.S. § 47-8301 47-8301 Delivery](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T47_C8_A3_S8301.md)
- [A.R.S. § 47-8302 47-8302 Rights of purchaser](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T47_C8_A3_S8302.md)
- [A.R.S. § 47-8303 47-8303 Protected purchaser](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T47_C8_A3_S8303.md)
- [A.R.S. § 47-8304 47-8304 Indorsement](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T47_C8_A3_S8304.md)
- [A.R.S. § 47-8305 47-8305 Instruction](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T47_C8_A3_S8305.md)
- [A.R.S. § 47-8306 47-8306 Effect of guaranteeing signature, indorsement or instruction](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T47_C8_A3_S8306.md)
- [A.R.S. § 47-8307 47-8307 Purchaser's right to requisites for registration of transfer](https://www.frixlaw.com/law-library/statutes/STATE_AZ_T47_C8_A3_S8307.md)

---

Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_AZ_T47_C8_A3_S8304. Check the current official text before relying on it. Not legal advice.