- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 8. Investment Securities
- Section 402. Assurance That Endorsements and Instructions Are Effective.
previous: Section 401
. Duty of Issuer to Register Transfer.
next: Section 403
. Demand That Issuer Not Register Transfer.
AS 45.08.402. Assurance That Endorsements and Instructions Are Effective.
- (a) An issuer may require the following assurance that each necessary endorsement or each instruction is genuine and
- (1) in all cases, a guarantee 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
- (3) if the endorsement is made or the instruction is originated by a fiduciary under AS 45.08.107
(e) (4) or (5), appropriate evidence of appointment or incumbency;
- (4) if there is more than one 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- (b) [Repealed, Sec. 68 ch 17 SLA 1996].
- (c) In this section,
- (1) "appropriate evidence of appointment or incumbency" means
- (A) 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 of the court and dated within 60 days before the date of presentation for
- (B) 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 the issuer to be responsible or, in the absence of that document or certificate, other evidence
the issuer reasonably considers to be appropriate;
- (2) "guarantee of the signature" means a guarantee 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 the standards are not manifestly
- (d) An issuer may elect to require reasonable assurance beyond that specified in this section.
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