South Carolina Statutes
§ 36-8-109 — Warranties in indirect holding.
(a)A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that:
(1)the entitlement order is made by an appropriate person, or if the entitlement order is by an agent, the agent has actual authority to act on behalf of the appropriate person; and (2) there is no adverse claim to the security entitlement.
(b)A Person who delivers a security certificate to a securities intermediary for credit to a securities account or originates an instruction with respect to an uncertificated security directing that the uncertificated security be credited to a securities account makes to the securities intermediary the warranties specified in Section 36-8-108(a) or (b).
(c)If a securities intermediary delivers a security certificate to its entit
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South Carolina § 36-8-109 (Warranties in indirect holding.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2001 Act No. 67, SECTION 5.
Nearby Sections
15
§ 36-8-101
Short title.§ 36-8-102
Definitions.§ 36-8-103
Rules for determining whether certain obligations and interests are securities or financial assets.§ 36-8-105
Notice of adverse claim.§ 36-8-106
Control.§ 36-8-108
Warranties in direct holding.§ 36-8-109
Warranties in indirect holding.§ 36-8-110
Applicability; choice of law.§ 36-8-111
Clearing corporation rules.§ 36-8-112
Creditor's legal process.§ 36-8-113
Statute of frauds inapplicable.