TAILIEUCHUNG - COMMERCIAL CODE Investment Securities: Replace Article 8 of the Georgia Commercial Code

In this paper we propose a theory of asset pricing that assumes fully heterogeneous agents whose expectations continually adapt to the market these expectations aggregatively create. We argue that under heterogeneity, expectations have a recursive character: agents have to form their expectations from their anticipations of other agents’ expectations, and this self-reference precludes expectations being formed by deductive means. So, in the absence of being able to deduce expectations, agents—no matter how rational—are forced to hypothesize them. Agents therefore continually form individual, hypothetical, expectational models or “theories of the market,” test these, and trade on the ones that predict best. From time to time they drop. | Georgia State University Law Review Volume 9 Issue 1 October 1992 Article 31 10-1-1992 COMMERCIAL CODE Investment Securities Replace Article 8 of the Georgia Commercial Code Suzan E. Roth Follow this and additional works at http gsulr Part of the Law Commons Recommended Citation Roth Suzan E. 1992 COMMERCIAL CODE Investment Securities Replace Article 8 of the Georgia Commercial Code Georgia State University Law Review Vol. 9 Iss. 1 Article 31. Available at http gsulr vol9 iss1 31 This Peach Sheet is brought to you for free and open access by the College of Law Publications at Digital Archive @ GSU. It has been accepted for inclusion in Georgia State University Law Review by an authorized administrator of Digital Archive @ GSU. For more information please contact digitalarchive@. Roth COMMERCIAL CODE Investment Securities Replace Article 8 of the G COMMERCIAL CODE Investment Securities Replace Article 8 of the Georgia Commercial Code CODE Sections . 11-1-201 11-5-114 11-8-101 to -408 11-9-103 -105 -203 -302 -304 -305 -309 -312 amended Bill Number HB 761 Act Number 1369 SUMMARY 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 uncertưied securities which are securities that do not require actual certificates to evidence ownership thereof. Certain conforming amendments to Articles 1 5 and 9 of the Commercial Code are included in the Act. Effective Date July 1 1992 History Originally adopted in all states except Louisiana Article 8 of the Uniform Commercial Code UCC governs transfers of investment securities which are typically in the form of stocks and Under the original version of Article 8 the 1958 Official Text Original Article 8 ownership of an investment security is evidenced by a certificate which embodies the .

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