Okla. Stat. tit. 12A § 8-205

Current through Laws 2024, c. 453.

Section 8-205 - Effect of Unauthorized Signature on Security Certificate

An unauthorized signature placed on a security certificate before or in the course of issue is ineffective, but the signature is effective in favor of a purchaser for value of the certificated security if the purchaser is without notice of the lack of authority and the signing has been done by:

(1) an authenticating trustee, registrar, transfer agent, or other person entrusted by the issuer with the signing of the security certificate or of similar security certificates, or the immediate preparation for signing of any of them; or

(2) an employee of the issuer, or of any of the persons listed in paragraph (1) of this subsection, entrusted with responsible handling of the security certificate.

Okla. Stat. tit. 12A, § 8-205

Added by Laws 1961, p. 154, § 8-205. Amended by Laws 1984, HB 1800, c. 76, § 14, eff. 11/1/1984; Amended by Laws 1995, SB 522, c. 242, § 21, eff. 2/1/1996.

Oklahoma Code Comment

Section 8-205 governs the effect of an unauthorized signature on a security certificate, providing generally that the signature is ineffective, but it will be effective in favor of a purchaser without notice if the signature was made by either the issuer's employee or a person entrusted with certain responsibilities by the issuer. Cf. UCC §§ 2-403, 3-405.

Prior Statutory Provisions:

48 Okla. Stat. § 35, 36, 38-43 (1910).

Pre-revision UCC § 8-205.