California Commercial Code

§ 8109

COM § 8109 Effective Jan 1, 1997Div. 8 · Ch. 1

Statute text

(a)A person who originates an entitlement order to a securities intermediary warrants all of the following to the securities intermediary:

(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.

(2)There is no adverse claim to the security entitlement.

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Legislative history

Repealed and added by Stats. 1996, Ch. 497, Sec. 9. Effective January 1, 1997.