554.8109 Warranties in indirect holding. 1. A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that: a. 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 b. there is no adverse claim to the security entitlement.2. 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 securitydirecting that the uncertificated security be credited to a securities account makes to thesecurities intermediary the warranties specified in section 554.8108, subsection 1 or 2. 3. 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, thesecurities intermediary makes to the entitlement holder the warranties specified in section554.8108, subsection 1 or 2. 96 Acts, ch 1138, §17, 84 Sat Dec 23 01:58:10 2023 Iowa Code 2024, Section 554.8109 (25, 0)
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