) The issuer may require the following assurance that each necessary indorsement (Section 8308) is genuine and effective.
(a) In all cases, a guarantee of the signature (subdivision (1) of
Section 8312) of the person indorsing; and

(b) Where the indorsement is by an agent, appropriate assurance of authority to sign;
(c) Where the indorsement is by a fiduciary, appropriate evidence of appointment or incumbency;
(d) Where there is more than one fiduciary, reasonable assurance that all who are required to sign have done so;
(e) Where the indorsement is by a person not covered by any of the foregoing, assurance appropriate to the case corresponding as nearly as may be to the foregoing.
(2) A guarantee of the signature in subdivision (1) means a guarantee signed by or on behalf of a person reasonably believed by the issuer to be responsible. The issuer may adopt standards with respect to responsibility provided such standards are not manifestly unreasonable.

(3) Appropriate evidence of appointment or incumbency in subdivision (1) means
(a) In the case of a fiduciary appointed or qualified by a court, a certificate issued by or under the direction or supervision of that court or an officer thereof and dated within 60 days before the date of presentation for transfer; or

(b) In any other case, a copy of a document showing the appointment or a certificate issued by or on behalf of a person reasonably believed by the issuer to be responsible or, in the absence of such a document or certificate, other evidence reasonably deemed by the issuer to be appropriate. The issuer may adopt stan- dards with respect to such evidence provided such standards are not manifestly unreasonable. The issuer is not charged with notice of the

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DIV. 8 INVESTMENT SECURITIES

contents of any document obtained pursuant to this paragraph (b) except to the extent that the contents relate directly to the ap- pointment or incumbency.