Section 8--304. Indorsement

(a) An  indorsement  may  be  in blank or special.   An indorsement in
  blank includes an indorsement to bearer. A special indorsement specifies
  to whom a security is to be transferred or who has power to transfer it.
  A holder may convert a blank indorsement to a special indorsement.
    (b) An indorsement purporting  to  be  only  of  part  of  a  security
  certificate  representing  units intended by the issuer to be separately
  transferable is effective to the extent of the indorsement.
    (c) An indorsement, whether special or in blank, does not constitute a
  transfer until delivery of the certificate on which it  appears  or,  if
  the  indorsement  is  on a separate document, until delivery of both the
  document and the certificate.
    (d) If a security certificate in registered form has been delivered to
  a purchaser without a necessary indorsement, the purchaser may become  a
  protected  purchaser  only  when  the indorsement is supplied.  However,
  against a transferor, a transfer  is  complete  upon  delivery  and  the
  purchaser  has  a  specifically  enforceable right to have any necessary
  indorsement supplied.
    (e) An indorsement of a security certificate in bearer form  may  give
  notice of an adverse claim to the certificate, but it does not otherwise
  affect a right to registration that the holder possesses.
    (f) Unless  otherwise  agreed,  a person making an indorsement assumes
  only the obligations provided in Section 8--108 and  not  an  obligation
  that the security will be honored by the issuer.