2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 84 - Registration
Section 8402 - Assurance that indorsement or instruction is effective

     § 8402.  Assurance that indorsement or instruction is effective.
        (a)  Assurances that issuer may require.--An issuer may
     require the following assurance that each necessary indorsement
     or each instruction is genuine and authorized:
            (1)  in all cases, a guaranty of the signature of the
        person making an indorsement or originating an instruction,
        including, in the case of an instruction, reasonable
        assurance of identity;
            (2)  if the indorsement is made or the instruction is
        originated by an agent, appropriate assurance of actual
        authority to sign;
            (3)  if the indorsement is made or the instruction is
        originated by a fiduciary pursuant to section 8107(a)(4) or
        (5) (relating to whether indorsement, instruction or
        entitlement order is effective), 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 indorsement 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)  Additional assurances that issuer may require.--An
     issuer may elect to require reasonable assurance beyond that
     specified in this section.
        (c)  Definitions.--As used in this section, the following
     words and phrases shall have the meanings given to them in this
     subsection:
        "Appropriate evidence of appointment or incumbency."
            (1)  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 thereof and dated
        within 60 days before the date of presentation for transfer.
            (2)  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 an issuer to be responsible or,
        in the absence of that document or certificate, other
        evidence the issuer reasonably considers appropriate.
        "Guaranty of the signature."  A guaranty 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 they are not manifestly unreasonable.

        Cross References.  Section 8402 is referred to in section
     8401 of this title.