Iowa Code 554.8205 – Effect of unauthorized signature on security certificate
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Terms Used In Iowa Code 554.8205
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- Signature: includes an electronic signature as defined in section 554D. See Iowa Code 4.1
- Trustee: A person or institution holding and administering property in trust.
554.8205 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 subsection 1, entrusted with responsible handling of the security certificate.
[S13, §3060-a23; C24, 27, 31, 35, 39, §9483; C46, 50, 54, 58, 62, §541.23; C66, 71, 73, 75, 77,
79, 81, §554.8205]
89 Acts, ch 113, §12; 96 Acts, ch 1138, §28, 84; 97 Acts, ch 23, §71
Referred to in §554.8202
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 subsection 1, entrusted with responsible handling of the security certificate.
[S13, §3060-a23; C24, 27, 31, 35, 39, §9483; C46, 50, 54, 58, 62, §541.23; C66, 71, 73, 75, 77,
79, 81, §554.8205]
89 Acts, ch 113, §12; 96 Acts, ch 1138, §28, 84; 97 Acts, ch 23, §71
Referred to in §554.8202