8208
Effective Jan 1, 1997Repealed and added by Stats. 1996, Ch. 497, Sec. 9. Effective January 1, 1997.
(a) A person signing a security certificate as authenticating trustee, registrar, transfer agent, or the like, warrants all of the following to a purchaser for value of the certificated security, if the purchaser is without notice of a particular defect:
- (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.
- (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 subdivision (a) does not assume responsibility for the validity of the security in other respects.