2006 New York Code - Effect Of Signature Of Authenticating Trustee, Registrar, Or Transfer Agent.

 
  Section 8--208. Effect   of   Signature   of   Authenticating   Trustee,
                    Registrar, or Transfer Agent.
    (a) A person signing a security certificate as authenticating trustee,
  registrar, transfer agent, or the like,  warrants  to  a  purchaser  for
  value  of  the certificated security, if the purchaser is without notice
  of a particular defect, that:
         (1) the certificate is genuine;
         (2) the person's own participation in the issue of  the  security
             is  within  the person's capacity and within the scope of the
             authority received by the person from the issuer; and
         (3) the  person  has  reasonable  grounds  to  believe  that  the
             certificated  security  is  in the form and within the amount
             the issuer is authorized to issue.
    (b) Unless otherwise agreed, a person  signing  under  subsection  (a)
  does not assume responsibility for the validity of the security in other
  respects.