ORS 78.4020
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 of identity;

(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 ORS 78.1070 (Whether indorsement, instruction or entitlement order is effective) (1)(d) or (1)(e), appropriate evidence of appointment or incumbency;

(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 as nearly 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 with respect to responsibility if they are not manifestly unreasonable.

(b)

“Appropriate evidence of appointment or incumbency” means:

(A)

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; or

(B)

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 considered appropriate. [1961 c.726 §78.4020 (Assurance that indorsement or instruction is effective); 1985 c.676 §78.4020 (Assurance that indorsement or instruction is effective); 1995 c.328 §35]

Source: Section 78.4020 — Assurance that indorsement or instruction is effective, https://www.­oregonlegislature.­gov/bills_laws/ors/ors078.­html.

78.1010
Short title
78.1020
Definitions and index of definitions
78.1030
Rules for determining whether certain obligations and interests are securities or financial assets
78.1040
Acquisition of security or financial asset or interest therein
78.1050
Notice of adverse claim
78.1060
Control
78.1070
Whether indorsement, instruction or entitlement order is effective
78.1080
Warranties in direct holding
78.1090
Warranties in indirect holding
78.1100
Applicability
78.1110
Clearing corporation rules
78.1120
Creditor’s legal process
78.1130
Statute of frauds inapplicable
78.1140
Evidentiary rules concerning certificated securities
78.1150
Securities intermediary and others not liable to adverse claimant
78.1160
Securities intermediary as purchaser for value
78.2010
“Issuer.”
78.2020
Terms of security
78.2030
Staleness as notice of defects or defenses
78.2040
Effect of issuer’s restriction on transfer
78.2050
Effect of unauthorized signature on security certificate
78.2060
Completion or alteration of security certificate
78.2070
Rights of issuer with respect to registered owners
78.2080
Effect of signature of authenticating trustee, registrar or transfer agent
78.2090
Issuer’s lien
78.2100
Overissue
78.3010
Delivery
78.3020
Rights of purchaser
78.3030
“Protected purchaser.”
78.3040
Indorsement
78.3050
Instruction
78.3060
Effect of guaranteeing signature, indorsement or instruction
78.3070
Purchaser’s rights to requisites for registration of transfer
78.4010
Duty of issuer to register transfer
78.4020
Assurance that indorsement or instruction is effective
78.4030
Demand that issuer not register transfer
78.4040
Wrongful registration
78.4050
Replacement of lost, destroyed or wrongfully taken security certificate
78.4060
Obligation to notify issuer of lost, destroyed or wrongfully taken security certificate
78.4070
Authenticating trustee, transfer agent and registrar
78.5010
Securities account
78.5020
Assertion of adverse claim against entitlement holder
78.5030
Property interest of entitlement holder in financial asset held by securities intermediary
78.5040
Duty of securities intermediary to maintain financial asset
78.5050
Duty of securities intermediary with respect to payments and distributions
78.5060
Duty of securities intermediary to exercise rights as directed by entitlement holder
78.5070
Duty of securities intermediary to comply with entitlement order
78.5080
Duty of securities intermediary to change entitlement holder’s position to other form of security holding
78.5090
Specification of duties of securities intermediary by other statute or regulation
78.5100
Rights of purchaser of security entitlement from entitlement holder
78.5110
Priority among security interests and entitlement holders
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