Kentucky Statutes 355.8-305 – Instruction
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(1) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly.
(2) Unless otherwise agreed, a person initiating an instruction assumes only the obligations imposed by KRS § 355.8-108 and not an obligation that the security will be honored by the issuer.
Effective: January 1, 1997
History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 144, effective January 1,
1997. — Amended 1986 Ky. Acts ch. 118, sec. 29, effective July 1, 1987. — Created
1958 Ky. Acts ch. 77, sec. 8-305, effective July 1, 1960.
(2) Unless otherwise agreed, a person initiating an instruction assumes only the obligations imposed by KRS § 355.8-108 and not an obligation that the security will be honored by the issuer.
Terms Used In Kentucky Statutes 355.8-305
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Effective: January 1, 1997
History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 144, effective January 1,
1997. — Amended 1986 Ky. Acts ch. 118, sec. 29, effective July 1, 1987. — Created
1958 Ky. Acts ch. 77, sec. 8-305, effective July 1, 1960.