2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 81 - Short Title and General Matters
Section 8109 - Warranties in indirect holding

     § 8109.  Warranties in indirect holding.
        (a)  Warranties of person originating entitlement order to
     securities intermediary.--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)  Warranties of person delivering security certificate or
     originating instruction.--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
     8108(a) or (b) (relating to warranties in direct holding).
        (c)  Warranties of securities intermediary.--If a securities
     intermediary delivers a security certificate to its entitlement
     holder or causes its entitlement holder to be registered as the
     owner of an uncertificated security, the securities intermediary
     makes to the entitlement holder the warranties specified in
     section 8108(a) or (b).