District Of Columbia § 28:8-408 - Statements of uncertificated securities.
Full text of District Of Columbia D.C. Code § 28:8-408 — Statements of uncertificated securities., with citation guidance and answers to common questions.
§ 28:8-408. Statements of uncertificated securities.
28:8-408Within 2 business days after the transfer of an uncertificated security has been registered, the issuer shall send to the new registered owner and, if the security has been transferred subject to a registered pledge, to the registered pledgee a written statement containing:
A description of the issue of which the uncertificated security is a part;
The number of shares or units transferred;
The name and address and any taxpayer identification number of the new registered owner and, if the security has been transferred subject to a registered pledge, the name and address and any taxpayer identification number of the registered pledgee;
A notation of any liens and restrictions of the issuer and any adverse claims (as to which the issuer has a duty under ) to which the uncertificated security is or may be subject at the time of registration or a statement that there are none of those liens, restrictions, or adverse claims; and
The date the transfer was registered.
Within 2 business days after the pledge of an uncertificated security has been registered, the issuer shall send to the registered owner and the registered pledgee a written statement containing:
A description of the issue of which the uncertificated security is a part;
The number of shares or units pledged;
The name and address and any taxpayer identification number of the registered owner and the registered pledgee;
A notation of any liens and restrictions of the issuer and any adverse claims (as to which the issuer has a duty under ) to which the uncertificated security is or may be subject at the time of registration or a statement that there are none of those liens, restrictions, or adverse claims; and
The date the pledge was registered.
Within 2 business days after the release from pledge of an uncertificated security has been registered, the issuer shall send to the registered owner and the pledgee whose interest was released a written statement containing:
A description of the issue of which the uncertificated security is a part;
The number of shares or units released from pledge;
The name and address and any taxpayer identification number of the registered owner and the pledgee whose interest was released;
A notation of any liens and restrictions of the issuer and any adverse claims (as to which the issuer has a duty under ) to which the uncertificated security is or may be subject at the time of registration or a statement that there are none of those liens, restrictions, or adverse claims; and
The date the release was registered.
An “initial transaction statement” is the statement sent to:
The new registered owner and, if applicable, to the registered pledgee pursuant to subsection (a) of this section;
The registered pledgee pursuant to subsection (b) of this section; or
The registered owner pursuant to subsection (c) of this section.
Each initial transaction statement shall be signed by or on behalf of the issuer and must be identified as “Initial Transaction Statement”.
Within 2 business days after the transfer of an uncertificated security has been registered, the issuer shall send to the former registered owner and the former registered pledgee, if any, a written statement containing:
A description of the issue of which the uncertificated security is a part;
The number of shares or units transferred;
The name and address and any taxpayer identification number of the former registered owner and of any former registered pledgee; and
The date the transfer was registered.
At periodic intervals no less frequent than annually and at any time upon the reasonable written request of the registered owner, the issuer shall send to the registered owner of each uncertificated security a dated written statement containing:
A description of the issue of which the uncertificated security is a part;
The name and address and any taxpayer identification number of the registered owner;
The number of shares or units of the uncertificated security registered in the name of the registered owner on the date of the statement;
The name and address and any taxpayer identification number of the registered pledgee and the number of shares or units subject to the pledge; and
A notation of any liens and restrictions of the issuer and any adverse claims (as to which the issuer has a duty under ) to which the uncertificated security is or may be subject or a statement that there are none of those liens, restrictions, or adverse claims.
At periodic intervals no less frequent than annually and at any time upon the reasonable written request of the registered pledgee, the issuer shall send to the registered pledgee of each uncertificated security a dated written statement containing:
A description of the issue of which the uncertificated security is a part;
The name and address and any taxpayer identification number of the registered owner;
The name and address any taxpayer identification number of the registered pledgee;
The number of shares or units subject to the pledge; and
A notation of any liens and restrictions of the issuer and any adverse claims (as to which the issuer has a duty under ) to which the uncertificated security is or may be subject or a statement that there are none of those liens, restrictions, or adverse claims.
If the issuer sends the statements described in subsections (g) and (h) of this section at periodic intervals no less frequent than quarterly, the issuer is not obligated to send additional statements upon request unless the owner or pledgee requesting them pays to the issuer the reasonable cost of furnishing them.
Each statement sent pursuant to this section must bear a conspicuous legend reading substantially as follows: “This statement is merely a record of the rights of the addressee as of the time of its issuance. Delivery of this statement, of itself, confers no rights on the recipient. This statement is neither a negotiable instrument nor a security.”
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 28:8-408
What does D.C. Code § 28:8-408 cover?
Section 28:8-408 ("Statements of uncertificated securities.") is part of the D.C. Code, the codified statutory law of District Of Columbia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite District Of Columbia § 28:8-408?
A common citation format is "D.C. Code § 28:8-408" (District Of Columbia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of District Of Columbia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the District Of Columbia official source linked on this page or consult a licensed District Of Columbia attorney.
How does District Of Columbia § 28:8-408 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in District Of Columbia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in District Of Columbia.