2001 Minnesota Statutes

  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. 

    HIST: 1995 c 194 art 1 s 21