70A-8-208. Effect of signature of authenticating trustee, registrar, or transfer agent.

143 words·~1 min read·/ut/title-70a/chapter-8/70a-8-208

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)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:

(a)the certificate is genuine;

(b)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

(c)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.

(2)Unless otherwise agreed, a person signing under Subsection

(1)does not assume responsibility for the validity of the security in other respects.

Repealed and Re-enacted by Chapter 204 , 1996 General Session