§ 25-8-208. Effect of signature of authenticating trustee, registrar, or transfer agent.
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§ 25-8-208. Effect of signature of authenticating trustee, registrar, or transfer agent.
(a)A person signing a security certificate as authenticating trustee, registrar, transfer agent, or the like, warrants to a purchaser for value of the certificated security, if the purchaser is without notice of a particular defect, that:
(1)The certificate is genuine;
(2)The person's own participation in the issue of the security is within the person's capacity and within the scope of the authority received by the person from the issuer; and
(3)The person has reasonable grounds to believe that the certificated security is in the form and within the amount the issuer is authorized to issue.
(b)Unless otherwise agreed, a person signing under subsection
(a)of this section does not assume responsibility for the validity of the security in other respects. (1965, c. 700, s. 1; 1989, c. 588, s. 1; 1997-181, s. 1.)