(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:
(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;
(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) of this section
does not assume responsibility for the validity of the security in other respects.
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