New York Laws
Part 2 - Issue and Issuer
8-208 - Effect of Signature of Authenticating Trustee, Registrar, or Transfer Agent.

(a) 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:
(1) the certificate is genuine;
(2) 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
(3) 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.
(b) Unless otherwise agreed, a person signing under subsection (a)
does not assume responsibility for the validity of the security in other
respects.

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