Illinois Compiled Statutes 810 ILCS 5/8-205 – Effect of unauthorized signature on security certificate. An …
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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
(1) an authenticating trustee, registrar, transfer
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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
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(2) an employee of the issuer, or of any of the
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persons listed in paragraph (1), entrusted with responsible handling of the security certificate.
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Terms Used In Illinois Compiled Statutes 810 ILCS 5/8-205
- Trustee: A person or institution holding and administering property in trust.