Indiana § 26-1-8.1-402 Issuer's right to assurances

Indiana Statutes

§ 26-1-8.1-402 — Issuer's right to assurances

Indiana § 26-1-8.1-402

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 8.1Investment Securities

This text of Indiana § 26-1-8.1-402 (Issuer's right to assurances) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 26-1-8.1-402 (2026).

Text

(a)An issuer may require the following assurance that each necessary endorsement or each instruction is genuine and authorized:

(1)in all cases, a guaranty of the signature of the person making an endorsement or originating an instruction including, in the case of an instruction, reasonable assurance of identity;

(2)if the endorsement is made or the instruction is originated by an agent, appropriate assurance of actual authority to sign;

(3)if the endorsement is made or the instruction is originated by a fiduciary under IC 26-1-8.1-107(a)(4) or IC 26-1-8.1-107(a)(5), appropriate evidence of appointment or incumbency;

(4)if there is more than one (1) fiduciary, reasonable assurance that all who are required to sign have done so; and

(5)if the endorsement is made or the instruction is

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(a) An issuer may require the following
assurance that each necessary endorsement or each instruction is
genuine and authorized:
(1) in all cases, a guaranty of the signature of the person making
an endorsement or originating an instruction including, in the case
of an instruction, reasonable assurance of identity;
(2) if the endorsement is made or the instruction is originated by
an agent, appropriate assurance of actual authority to sign;
(3) if the endorsement is made or the instruction is originated by
a fiduciary under IC 26-1-8.1-107(a)(4) or IC 26-1-8.1-107(a)(5),
appropriate evidence of appointment or incumbency;
(4) if there is more than one (1) fiduciary, reasonable assurance
that all who are required to sign have done so; and
(5) if the endorsement is made or the instruction is originated by
a person not covered by another provision of this subsection,
assurance appropriate to the case corresponding as nearly as may
be to the provisions of this subsection.
(b) An issuer may elect to require reasonable assurance beyond that
specified in this section.
(c) In this section:
(1) "Guaranty of the signature" means a guaranty signed by or on
behalf of a person reasonably believed by the issuer to be
responsible. An issuer may adopt standards with respect to
responsibility if they are not manifestly unreasonable.
(2) "Appropriate evidence of appointment or incumbency" means:
(i) in the case of a fiduciary appointed or qualified by a court,
a certificate issued by or under the direction or supervision of
the court or an officer thereof and dated within sixty (60) days
before the date of presentation for transfer; or
(ii) in any other case, a copy of a document showing the
appointment or a certificate issued by or on behalf of a person
reasonably believed by an issuer to be responsible or, in the
absence of that document or certificate, other evidence the
issuer reasonably considers appropriate.