Section 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 authorized:
        (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 sign;
        (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   (b)   [Repealed, Sec. 68 ch 17 SLA 1996].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 transfer; or
             (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 unreasonable.
   (d) An issuer may elect to require reasonable assurance beyond that specified in this section.

Authorities

45.08.401

Notes

References

AS 45.08.401 Duty of issuer to register transfer.

History

(Sec. 8.402 ch 114 SLA 1962; am Sec. 45 ch 49 SLA 1990; am Sec. 38 - 40, 68 ch 17 SLA 1996)