28-8-205. 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 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
(2) An employee of the issuer, or of any of the persons listed in subsection (1) of this section, entrusted with responsible handling of the security certificate.
History:
[28-8-205, added 1995, ch. 272, sec. 2, p. 887.]
Structure Idaho Code
Title 28 - COMMERCIAL TRANSACTIONS
Chapter 8 - INVESTMENT SECURITIES
Section 28-8-202 - ISSUER’S RESPONSIBILITY AND DEFENSES AND NOTICE OF DEFECT OR DEFENSE.
Section 28-8-203 - STALENESS AS NOTICE OF DEFECT OR DEFENSE.
Section 28-8-204 - EFFECT OF ISSUER’S RESTRICTION ON TRANSFER.
Section 28-8-205 - EFFECT OF UNAUTHORIZED SIGNATURE ON SECURITY CERTIFICATE.
Section 28-8-206 - COMPLETION OR ALTERATION OF SECURITY CERTIFICATE.
Section 28-8-207 - RIGHTS AND DUTIES OF ISSUER WITH RESPECT TO REGISTERED OWNERS.
Section 28-8-208 - EFFECT OF SIGNATURE OF AUTHENTICATING TRUSTEE, REGISTRAR OR TRANSFER AGENT.