§ 8-109. 8-109
162 words·~1 min read·
/us/ucc/a8/s8-109A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that:
(1)the entitlement order is made by an appropriate person , or if the entitlement order is by an agent, the agent has actual authority to act on behalf of the appropriate person; and
(2)there is no adverse claim to the security entitlement .
(b)A person who delivers a security certificate to a securities intermediary for credit to a securities account or originates an instruction with respect to an uncertificated security directing that the uncertificated security be credited to a securities account makes to the securities intermediary the warranties specified in Section 8-108(a) or
(b).
(c)If a securities intermediary delivers a security certificate to its entitlement holder or causes its entitlement holder to be registered as the owner of an uncertificated security , the securities intermediary makes to the entitlement holder the warranties specified in Section 8-108(a) or
(b).