Until a transfer is recorded on its books, a corporation is entitled to treat the person whose name is on its books as the owner of its stock.

Name: Until a transfer is recorded on its books, a corporation is entitled to treat the person whose name is on its books as the owner of its stock.
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This is known as the "stockholder of record" and the corporation is obligated to treat them as the owner of the stock until a transfer is properly recorded.

Until a Transfer Is Recorded on Its Books, a Corporation