8.8A-208 - A-208. Effect of signature of authenticating trustee, registrar or transfer agent. - Virginia Statutes

§ 8.8A-208. Effect of signature of authenticating trustee, registrar ortransfer agent.

(a) A person signing a security certificate as authenticating trustee,registrar, transfer agent, or the like, warrants to a purchaser for value ofthe certificated security, if the purchaser is without notice of a particulardefect, that:

(1) the certificate is genuine;

(2) the person's own participation in the issue of the security is within theperson's capacity and within the scope of the authority received by theperson from the issuer; and

(3) the person has reasonable grounds to believe that the certificatedsecurity is in the form and within the amount the issuer is authorized toissue.

(b) Unless otherwise agreed, a person signing under subsection (a) does notassume responsibility for the validity of the security in other respects.

(1996, c. 216.)