70A-8-402 - Assurance that indorsement or instruction is effective. - Utah Statutes

70A-8-402. Assurance that indorsement or instruction is effective.
(1) An issuer may require the following assurance that each necessary indorsement oreach instruction is genuine and authorized:
(a) in all cases, a guaranty of the signature of the person making an indorsement ororiginating an instruction including, in the case of an instruction, reasonable assurance of identity;
(b) if the indorsement is made or the instruction is originated by an agent, appropriateassurance of actual authority to sign;
(c) if the indorsement is made or the instruction is originated by a fiduciary pursuant toSubsection 70A-8-106(1)(d) or (1)(e), appropriate evidence of appointment or incumbency;
(d) if there is more than one fiduciary, reasonable assurance that all who are required tosign have done so; and
(e) if the indorsement is made or the instruction is originated by a person not covered byanother provision of this subsection, assurance appropriate to the case corresponding as nearly asmay be to the provisions of this subsection.
(2) An issuer may elect to require reasonable assurance beyond that specified in thissection.
(3) In this section:
(a) "Guaranty of the signature" means a guaranty signed by or on behalf of a personreasonably believed by the issuer to be responsible. An issuer may adopt standards with respectto responsibility if they are not manifestly unreasonable.
(b) "Appropriate evidence of appointment or incumbency" means:
(i) in the case of a fiduciary appointed or qualified by a court, a certificate issued by orunder the direction or supervision of the court or an officer thereof and dated within 60 daysbefore the date of presentation for transfer; or
(ii) 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 an issuer to be responsible or, in theabsence of that document or certificate, other evidence the issuer reasonably considersappropriate.

Repealed and Re-enacted by Chapter 204, 1996 General Session