Page "Security (finance)" Paragraph 56

In the United States, the current " official " version of Article 8 of the Uniform Commercial Code permits non-certificated securities.

However, the " official " UCC is a mere draft that must be enacted individually by each of the U. S. states.

Though all 50 states ( as well as the District of Columbia and the U. S. Virgin Islands ) have enacted some form of Article 8, many of them still appear to use older versions of Article 8, including some that did not permit non-certificated securities.