Transfer Agent. (1) A person placing his signature upon a security as authenticating trustee, registrar, transfer agent or the like warrants to a purchaser for value without notice of the particular defect that (a) The security is genuine; and (b) His own participation in the issue of the security is within his capacity and within the scope of the authorization received by him from the issuer; and (c) He has reasonable grounds to believe that the security is in the form and within the amount the issuer is authorized to issue. (2) Unless otherwise agreed, a person by so placing his signature does not assume responsibility for the validity of the security in other respects. ----------
CHAPTER 3 PURCHASE