An unauthorized signature placed on a security certificate or in the course of issue* is ineffective, but the signature is effective in favor of a purchaser for value of the certificated security if the purchaser is without notice of the lack of authority and the signing has been done by:
1. an authenticating trustee, registrar, transfer agent, or other person entrusted by the issuer with the signing of the security certificate or of similar security certificates, or the immediate preparation for signing of any of them; or
2. an employee of the issuer, or of any of the persons listed in subsection 1, entrusted with responsible handling of the security certificate.
[S13, § 3060-a23; C24, 27, 31, 35, 39, § 9483; C46, 50, 54, 58, 62, § 541.23; C66, 71, 73, 75, 77, 79, 81, § 554.8205]
89 Acts, ch 113, § 12; 96 Acts, ch 1138, § 28
Referred to in § 554.8202
*Uniform Act states "before or in the course of issue"; corrective legislation is pending ~I1996 amendments take effect July 1, 1997; 96 Acts, ch 1138, § 84; for provisions governing the continued perfection of security interests that are perfected as of July 1, 1997, see 96 Acts, ch 1138, § 80, 84; for law prior to July 1, 1997, see Code 1995
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