Arizona Laws 47-8208. 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:
Terms Used In Arizona Laws 47-8208
- Certificated security: means a security that is represented by a certificate. See Arizona Laws 47-8102
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Security: except as otherwise provided in section 47-8103, means an obligation of an issuer or a share, participation or other interest in an issuer or in property or an enterprise of an issuer:
(a) Which is represented by a security certificate in bearer or registered form, or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer;
(b) Which is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests or obligations; and
(c) Which:
(i) Is, or is of a type, dealt in or traded on securities exchanges or securities markets; or
(ii) Is a medium for investment and by its terms expressly provides that it is a security governed by this chapter. See Arizona Laws 47-8102
- Trustee: A person or institution holding and administering property in trust.
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.