) Except as otherwise provided in any law relating to the collection of taxes, the issuer is not liable to the owner or any other person suffering loss as a result of the registration of a transfer of a security if

(a) There were on or with the security the necessary indorsements (Section 8308); and
(b) The issuer had no duty to inquire into adverse claims or has discharged any such duty (Section 8403).

COL120106
13 Guam Code Ann. UNIFORM COMMERCIAL CODE
DIV. 8 INVESTMENT SECURITIES

(2) Where an issuer has registered a transfer of a security to a person not entitled to it the issuer on demand must deliver a like security to the true owner unless

(a) The registration was pursuant to subdivision (1); or
(b) The owner is precluded from asserting any claim for registering the transfer under subdivision (1) of the following section; or
(c) Such delivery would result in overissue, in which case the issuer’s liability is governed by Section 8104.