Idaho Code 57-906 – Certificated Registered Public Obligation — Signatures
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(1) Any certificated registered public obligation signed by the authorized officers at the time of the signing thereof shall remain valid and binding, notwithstanding that before the issuance thereof any or all of such officers shall have ceased to fill their respective offices.
(2) Any authorized officer empowered to sign any certificated registered public obligation may adopt as and for the signature of such officer the signature of a predecessor in office in the event that such predecessor’s signature appears on such certificated registered public obligation. An authorized officer incurs no liability by adoption of a predecessor’s signature that would not be incurred by the authorized officer if the signature were that of the authorized officer.
Terms Used In Idaho Code 57-906
- Authorized officer: means any individual required or permitted, alone or with others by any provision of law or by an issuing public entity to execute a certificated registered public obligation or any writing relating to an uncertificated registered public obligation. See Idaho Code 57-902
- Certificated registered public obligation: means a registered public obligation which is represented by an instrument. See Idaho Code 57-902
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Obligation: means an agreement of a public entity to pay principal and any interest thereon, whether in the form of a contract to repay borrowed money, a lease, an installment purchase agreement, or otherwise, and includes a share, participation, or other interest in any such agreement. See Idaho Code 57-902