§ 8205. 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 paragraph (1), entrusted with responsible handling of the security certificate.
Cross References. Section 8205 is referred to in section 8202 of this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Section 8202 - Issuer's responsibility and defenses; notice of defect or defense
Section 8203 - Staleness as notice of defect or defense
Section 8204 - Effect of issuer's restriction on transfer
Section 8205 - Effect of unauthorized signature on security certificate
Section 8206 - Completion or alteration of security certificate
Section 8207 - Rights and duties of issuer with respect to registered owners
Section 8208 - Effect of signature of authenticating trustee, registrar or transfer agent