HARRY HUGHES, Governor

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(c) He knows OF no fact which might impair the
validity of the security.

(3)   [Where] IF a CERTIFICATED security is delivered by an
intermediary known to be entrusted with delivery of the security
on behalf of another or with collection of a draft or other claim
against [such] delivery, the intermediary by [such] delivery
warrants only his own good faith and authority even though he has
purchased or made advances against the claim to be collected
against the delivery.

(4)  A pledgee or other holder for security who redelivers
[the] A CERTIFICATED security received, or after payment and on
order of the debtor delivers that security to a third person
makes only the warranties of an intermediary under subsection
(3).

(5)  A PERSON WHO ORIGINATES AN INSTRUCTION WARRANTS TO THE
ISSUER THAT:

(A)  HE IS AN APPROPRIATE PERSON TO ORIGINATE THE
INSTRUCTION; AND

(B)  AT THE TIME THE INSTRUCTION IS PRESENTED TO THE
ISSUER HE WILL BE ENTITLED TO THE REGISTRATION OF TRANSFER,
PLEDGE OR RELEASE.

(6)  A PERSON WHO ORIGINATES AN INSTRUCTION WARRANTS TO ANY
PERSON SPECIALLY GUARANTEEING HIS SIGNATURE (§ 8-312(3)) THAT:

(A)  HE IS AN APPROPRIATE PERSON TO ORIGINATE THE
INSTRUCTION; AND

(B)  AT THE TIME THE INSTRUCTION IS PRESENTED TO THE
ISSUER:

(I)  HE WILL BE ENTITLED TO THE REGISTRATION OF
TRANSFER, PLEDGE OR RELEASE; AND

(II)  THE TRANSFER, PLEDGE OR RELEASE REQUESTED
IN THE INSTRUCTION WILL BE REGISTERED BY THE ISSUER FREE FROM ALL
LIENS, SECURITY INTERESTS, RESTRICTIONS AND CLAIMS OTHER THAN
THOSE SPECIFIED IN THE INSTRUCTION.

(7)  A PERSON WHO ORIGINATES AN INSTRUCTION WARRANTS TO A
PURCHASER FOR VALUE AND TO ANY PERSON GUARANTEEING THE
INSTRUCTION (§ 8-312(6)) THAT:

(A)  HE IS AN APPROPRIATE PERSON TO ORIGINATE THE
INSTRUCTION;

(B)  THE UNCERTIFICATED SECURITY REFERRED TO THEREIN
IS VALID; AND