30-8-215. 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), entrusted with responsible handling of the security certificate.
History: En. Sec. 41, Ch. 536, L. 1997.
Structure Montana Code Annotated
Chapter 8. Uniform Commercial Code Investment Securities
30-8-209. and 30-8-210 reserved
30-8-212. Issuer's responsibility and defenses -- notice of defect or defense
30-8-213. Staleness as notice of defect or defense
30-8-214. Effect of issuer's restriction on transfer
30-8-215. Effect of unauthorized signature on security certificate
30-8-216. Completion of alteration of security certificate
30-8-217. Rights and duties of issuer with respect to registered owners
30-8-218. Effect of signature of authenticating trustee, registrar, or transfer agent