30-8-218. Effect of signature of authenticating trustee, registrar, or transfer agent. (1) A person signing a security certificate as authenticating trustee, registrar, transfer agent, or the like, warrants to a purchaser for value of the certificated security, if the purchaser is without notice of a particular defect, that:

Terms Used In Montana Code 30-8-218

  • Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
  • Trustee: A person or institution holding and administering property in trust.

(a)the certificate is genuine;

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

(c)the person has reasonable grounds to believe that the certificated security is in the form and within the amount the issuer is authorized to issue.

(2)Unless otherwise agreed, a person signing under subsection (1) does not assume responsibility for the validity of the security in other respects.