2007 Minnesota Statutes

336.8-402 MS 1994 [Repealed, 1995 c 194 art 1 s 53]
336.8-402 ASSURANCE THAT ENDORSEMENT OR INSTRUCTION IS EFFECTIVE.
(a) An issuer may require the following assurance that each necessary endorsement of
each instruction is genuine and authorized:
(1) in all cases, a guaranty of the signature of the person making an endorsement or
originating an instruction including, in the case of an instruction, reasonable assurance of identity;
(2) if the endorsement is made or the instruction is originated by an agent, appropriate
assurance of actual authority to sign;
(3) if the endorsement is made or the instruction is originated by a fiduciary pursuant to
section 336.8-107(a)(4) or (a)(5), appropriate evidence of appointment or incumbency;
(4) if there is more than one fiduciary, reasonable assurance that all who are required
to sign have done so; and
(5) if the endorsement is made or the instruction is originated by a person not covered by
another provision of this subsection, assurance appropriate to the case corresponding as nearly as
may be to the provisions of this subsection.
(b) An issuer may elect to require reasonable assurance beyond that specified in this section.
(c) In this section:
(1) "Guaranty of the signature" means a guaranty signed by or on behalf of a person
reasonably believed by the issuer to be responsible. An issuer may adopt standards with respect to
responsibility if they are not manifestly unreasonable.
(2) "Appropriate evidence of appointment or incumbency" means:
(i) in the case of a fiduciary appointed or qualified by a court, a certificate issued by or under
the direction or supervision of the court or an officer thereof and dated within 60 days before the
date of presentation for transfer; or
(ii) in any other case, a copy of a document showing the appointment or a certificate issued
by or on behalf of a person reasonably believed by an issuer to be responsible or, in the absence of
that document or certificate, other evidence the issuer reasonably considered appropriate.
History: 1995 c 194 art 1 s 35