§ 554.8402

554.8402 Assurance that indorsement or instruction is effective. 1. An issuer may require the following assurance that each necessary indorsement or each instruction is genuine and authorized: a. 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 ofidentity; b. if the indorsement is made or the instruction is originated by an agent, appropriate assurance of actual authority to sign; c. if the indorsement is made or the instruction is originated by a fiduciary pursuant to section 554.8107, subsection 1, paragraph 'd' or 'e', appropriate evidence of appointment orincumbency; d. if there is more than one fiduciary, reasonable assurance that all who are required to sign have done so; and e. 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 asnearly as may be to the provisions of this subsection. 2. An issuer may elect to require reasonable assurance beyond that specified in this section. 3. In this section:a.

to the case corresponding asnearly as may be to the provisions of this subsection. 2. An issuer may elect to require reasonable assurance beyond that specified in this section. 3. In this section:a. 'Guaranty of the signature' means a guaranty signed by or on behalf of a person reasonably believed by the issuer to be responsible. An issuer may adopt standards withrespect to responsibility if they are not manifestly unreasonable. b. 'Appropriate evidence of appointment or incumbency' means:(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 sixtydays before the date of presentation for transfer; or (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, inthe absence of that document or certificate, other evidence the issuer reasonably considersappropriate. [C66, 71, 73, 75, 77, 79, 81, §554.8402]86 Acts, ch 1047, §1; 89 Acts, ch 113, §38; 96 Acts, ch 1138, §42, 84Referred to in §554.8401 Sat Dec 23 01:58:36 2023 Iowa Code 2024, Section

dersappropriate. [C66, 71, 73, 75, 77, 79, 81, §554.8402]86 Acts, ch 1047, §1; 89 Acts, ch 113, §38; 96 Acts, ch 1138, §42, 84Referred to in §554.8401 Sat Dec 23 01:58:36 2023 Iowa Code 2024, Section 554.8402 (24, 0)