22-5-5 - Assignment of security by a fiduciary -- Evidence of appointment or incumbency. - Utah Statutes

22-5-5. Assignment of security by a fiduciary -- Evidence of appointment orincumbency.
A corporation or transfer agent making a transfer pursuant to an assignment by a fiduciarywho is not the registered owner shall obtain the following evidence of appointment orincumbency:
(1) in the case of a fiduciary appointed or qualified by a court, a certificate issued by orunder the direction or supervision of that court or an officer thereof and dated within 60 daysbefore the transfer; or
(2) in any other case, a copy of a document showing the appointment or a certificateissued by or on behalf of a person reasonably believed by the corporation or transfer agent to beresponsible or, in the absence of such a document or certificate, other evidence reasonablydeemed by the corporation or transfer agent to be appropriate. Corporations and transfer agentsmay adopt standards with respect to evidence of appointment or incumbency under thissubsection provided such standards are not manifestly unreasonable. Neither the corporation nortransfer agent is charged with notice of the contents of any document obtained pursuant to thissubsection except to the extent that the contents relate directly to the appointment or incumbency.

Amended by Chapter 20, 1995 General Session