400.8-205. Effect of unauthorized signature on security certificate. - Missouri Statutes

Effect of unauthorized signature on security certificate.

400.8-205. An unauthorized signature placed on a securitycertificate before or in the course of issue is ineffective, but thesignature is effective in favor of a purchaser for value of thecertificated security if the purchaser is without notice of the lack ofauthority and the signing has been done by:

(1) An authenticating trustee, registrar, transfer agent or otherperson entrusted by the issuer with the signing of the security certificateor of similar security certificates, or the immediate preparation forsigning of any of them; or

(2) An employee of the issuer, or of any of the persons listed inparagraph (1), entrusted with responsible handling of the securitycertificate.

(L. 1963 p. 503 § 8-205, A.L. 1992 S.B. 448, A.L. 1997 S.B. 6)