(1). The following rules apply in an action on a certificated security against the issuer. (a). Unless specifically denied in the pleadings, each signature on a security certificate or in a necessary indorsement is admitted. [PL 1997, c. 429, Pt. B, §2 (NEW).] (b). If the effectiveness of a signature is put in issue, the burden of establishing effectiveness is on the party claiming under the signature, but the signature is presumed to be genuine or authorized. [PL 1997, c. 429, Pt. B, §2 (NEW).] (c). If signatures on a security certificate are admitted or established, production of the certificate entitles a holder to recover on it unless the defendant establishes a defense or a defect going to the validity of the security. [PL 1997, c. 429, Pt. B, §2 (NEW).] (d). If it is shown that a defense or defect exists, the plaintiff has the burden of establishing that the plaintiff or some person under whom the plaintiff claims is a person against whom the defense or defect cannot be asserted. [PL 1997, c. 429, Pt. B, §2 (NEW).] [PL 1997, c. 429, Pt. B, §2 (NEW).]
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