408.205 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 sub. (1), entrusted with responsible handling of the security certificate.
History: 1997 a. 297.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 408 - Uniform commercial code — investment securities.
408.104 - Acquisition of security or financial asset or interest therein.
408.105 - Notice of adverse claim.
408.107 - Whether endorsement, instruction or entitlement order is effective.
408.108 - Warranties in direct holding.
408.109 - Warranties in indirect holding.
408.110 - Applicability; choice of law.
408.111 - Clearing corporation rules.
408.112 - Creditor's legal process.
408.113 - Statute of frauds inapplicable.
408.114 - Evidentiary rules concerning certificated securities.
408.115 - Securities intermediary and others not liable to adverse claimant.
408.116 - Securities intermediary as purchaser for value.
408.202 - Issuer's responsibility and defenses; notice of defect or defense.
408.203 - Staleness as notice of defect or defense.
408.204 - Effect of issuer's restriction on transfer.
408.205 - Effect of unauthorized signature on security certificate.
408.206 - Completion or alteration of security certificate.
408.207 - Rights and duties of issuer with respect to registered owners.
408.208 - Effect of signature of authenticating trustee, registrar or transfer agent.
408.302 - Rights of purchaser.
408.303 - Protected purchaser.
408.306 - Effect of guaranteeing signature, endorsement or instruction.
408.307 - Purchaser's right to requisites for registration of transfer.
408.401 - Duty of issuer to register transfer.
408.402 - Assurance that endorsement or instruction is effective.
408.403 - Demand that issuer not register transfer.
408.404 - Wrongful registration.
408.405 - Replacement of lost, destroyed or wrongfully taken security certificate.
408.406 - Obligation to notify issuer of lost, destroyed or wrongfully taken security certificate.
408.407 - Authenticating trustee, transfer agent and registrar.
408.501 - Securities account; acquisition of security entitlement from securities intermediary.
408.502 - Assertion of adverse claim against entitlement holder.
408.504 - Duty of securities intermediary to maintain financial asset.
408.505 - Duty of securities intermediary with respect to payments and distributions.
408.506 - Duty of securities intermediary to exercise rights as directed by entitlement holder.
408.507 - Duty of securities intermediary to comply with entitlement order.
408.510 - Rights of purchaser of security entitlement from entitlement holder.
408.511 - Priority among security interests and entitlement holders.