United States — Louisiana Act or statute

United States — Louisiana legislation

RS 10:8-109

This section makes people and securities intermediaries give warranties when they handle entitlement orders, security certificates, or uncertificated securities.

entitlement orderssecurities intermediarywarranties

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“This section makes people and securities intermediaries give warranties when they handle entitlement orders, security certificates, or uncertificated securities.”

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RS 10:8-109

This section makes people and securities intermediaries give warranties when they handle entitlement orders, security certificates, or uncertificated securities.

Section 10:8-109

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§ 10:8-109RS 10:8-109Provision

This section makes people and securities intermediaries give warranties when they handle entitlement orders, security certificates, or uncertificated securities.

§8-109. Warranties in indirect holding (a) 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) 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 R.S. 10:8-108(a) or (b). (c) 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 R.S. 10:8-108(a) or (b). Acts 1995, No. 884, §1, eff. Jan. 1, 1996.
Section 10:8-109Verify source

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