In 1973, experts Homer Kripke and John J. Slain published a
seminal study titled The Interface Between Securities Regulation and
Bankruptcy—Allocating the Risk of Illegal Securities Issuance
between Securityholders and the Issuer’s Creditors. That lengthy
analysis, contributed by, respectively, a former Securities and
Exchange Commission official and a
The Act replaces Article 8 of the Commercial Code, which governs investment securities, with the 1977 Amendments to Article 8 drafted by the Uniform Law Commissioners. The Act provides a legal framework for the transfer of interests in uncertified"; securities, which are securities that do not require actual certificates
