The Florida Senate

678.208  Effect of signature of authenticating trustee, registrar, or transfer agent.--

(1)  A person placing her or his signature upon a certificated security or an initial transaction statement as authenticating trustee, registrar, transfer agent, or the like, warrants to a purchaser for value of the certificated security or a purchaser for value of an uncertificated security to whom the initial transaction statement has been sent, if the purchaser is without notice of the particular defect, that:

(a)  The certificated security or initial transaction statement is genuine;

(b)  The person's own participation in the issue or registration of the transfer, pledge, or release of the security is within her or his capacity and within the scope of the authority received by her or him from the issuer; and

(c)  The person has reasonable grounds to believe that the security is in the form and within the amount the issuer is authorized to issue.

(2)  Unless otherwise agreed, a person by so placing her or his signature does not assume responsibility for the validity of the security in other respects.

History.--s. 1, ch. 65-254; s. 1, ch. 87-275; s. 656, ch. 97-102.

Note.--s. 8-208, U.C.C.