From time to time, a question will arise about the necessity of obtaining spousal consent in connection with the purchase or sale of a security. Interestingly, California declares it unlawful for any agent or broker-dealer to require prior spousal consent or authorization as a condition to the purchase or sale of securities in the name of a married person. Corporations Code Section 25246.
The General Corporation Law also provides that domestic or foreign corporations (and their transfer agents and registrars) are not liable to any married person or to any transferee of that person for transferring shares or other securities on their books at the instance of the person in whose name they are registered, without the signature of that person’s spouse and regardless of whether the registration indicates that the shares or other securities are community property, in the same manner as if the person were unmarried. Corporations Code Section 420(c).