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554.8208 Effect of signature of authenticating trustee, registrar or transfer agent.

1. A person placing that person's signature upon a certificated security or an initial transaction statement as authenticating trustee, registrar, transfer agent, or the like, warrants to a purchaser for value of the certificated security or a purchaser for value of an uncertificated security to whom the initial transaction statement has been sent, if the purchaser is without notice of the particular defect, that:

a. the certificated security or initial transaction statement is genuine;

b. that person's own participation in the issue or registration of transfer, pledge, or release of the security is within that person's capacity and within the scope of the authority received by that person from the issuer; and

c. that person has reasonable grounds to believe that the security is in the form and within the amount the issuer is authorized to issue.

2. Unless otherwise agreed, a person by so placing that person's signature does not assume responsibility for the validity of the security in other respects.

Section History: Early form

[C66, 71, 73, 75, 77, 79, 81, § 554.8208]

Section History: Recent form

89 Acts, ch 113, § 15

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