The Florida Senate

678.315  Action against transferee based upon wrongful transfer.--

(1)  Any person against whom the transfer of a security is wrongful for any reason, including his or her incapacity, as against anyone except a bona fide purchaser, may:

(a)  Reclaim possession of the certificated security wrongfully transferred;

(b)  Obtain possession of any new certificated security representing all or part of the same rights;

(c)  Compel the origination of an instruction to transfer to the person or a person designated by him or her an uncertificated security constituting all or part of the same rights; or

(d)  Have damages.

(2)  If the transfer is wrongful because of an unauthorized indorsement of a certificated security, the owner may also reclaim or obtain possession of the security or a new certificated security, even from a bona fide purchaser, if the ineffectiveness of the purported indorsement can be asserted against him or her under the provisions of this chapter on unauthorized indorsements (s. 678.311).

(3)  The right to obtain or reclaim possession of a certificated security or to compel the origination of a transfer instruction may be specifically enforced and the transfer of a certificated or uncertificated security enjoined and a certificated security impounded pending the litigation.

History.--s. 1, ch. 65-254; s. 1, ch. 87-275; s. 667, ch. 97-102.

Note.--s. 8-315, U.C.C.; supersedes s. 614.09.