North Dakota Code 41-08-24 – (8-208) Effect of signature of authenticating trustee, registrar, or transfer agent
1. 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 North Dakota Code 41-08-24
- Authorized: when used with reference to a financing statement record, means that the financing statement record was filed by a person authorized to do so as provided in sections 41-09-80 and 41-09-130. See North Dakota Code 41-10-01
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Trustee: A person or institution holding and administering property in trust.
a. The certificate is genuine; b. 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
c. 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.
2. Unless otherwise agreed, a person signing under subsection 1 does not assume responsibility for the validity of the security in other respects.