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336.8-205 MS 1994 [Repealed, 1995 c 194 art 1 s 53]
336.8-205 EFFECT OF UNAUTHORIZED SIGNATURE ON SECURITY CERTIFICATE.
An unauthorized signature placed on a security certificate before 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 paragraph (1), entrusted with
responsible handling of the security certificate.
History: 1995 c 194 art 1 s 21