(1) |
An issuer may require the following assurance that each necessary indorsement or each instruction is genuine and authorized:
Terms Used In Utah Code 70A-8-402- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiduciary: A trustee, executor, or administrator.
- Indorsement: means a signature that alone or accompanied by other words is made on a security certificate in registered form or on a separate document for the purpose of assigning, transferring, or redeeming the security or granting a power to assign, transfer, or redeem it. See Utah Code 70A-8-101
- Instruction: means a notification communicated to the issuer of an uncertificated security which directs that the transfer of the security be registered or that the security be redeemed. See Utah Code 70A-8-101
- Person: means :Utah Code 68-3-12.5
- Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
(a) |
in all cases, a guaranty of the signature of the person making an indorsement or originating 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, appropriate assurance of actual authority to sign; |
(c) |
if the indorsement is made or the instruction is originated by a fiduciary pursuant to Subsection 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 to sign have done so; and |
(e) |
if the indorsement is made or the instruction is originated by a person not covered by another provision of this subsection, assurance appropriate to the case corresponding as nearly as may be to the provisions of this subsection. |
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(2) |
An issuer may elect to require reasonable assurance beyond that specified in this section. |
(3) |
In this section:
(a) |
“Guaranty of the signature” means a guaranty signed by or on behalf of a person reasonably believed by the issuer to be responsible. An issuer may adopt standards with respect to 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 or under the direction or supervision of the court or an officer thereof and dated within 60 days before the date of presentation for transfer; or |
(ii) |
in any other case, a copy of a document showing the appointment or a certificate issued by or on behalf of a person reasonably believed by an issuer to be responsible or, in the absence of that document or certificate, other evidence the issuer reasonably considers appropriate. |
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Repealed and Re-enacted by Chapter 204, 1996 General Session