3730

VETOES

(1)  A person who presents a CERTIFICATED security for
registration of transfer or for payment or exchange warrants to
the [issue] ISSUER that he is entitled to the registration,
payment or exchange. But a purchaser for value AND without notice
of adverse claims who receives a new, reissued or reregistered
CERTIFICATED security on registration of transfer OR RECEIVES AN
INITIAL TRANSACTION STATEMENT CONFIRMING THE REGISTRATION OF
TRANSFER OF AN EQUIVALENT UNCERTIFICATED SECURITY TO HIM warrants
only that he has no knowledge of any unauthorized signature (§
8-311) in a necessary indorsement.

(2)  A person by transferring a CERTIFICATED security to a
purchaser for. value warrants only that:

(a)  His transfer is effective and rightful; [and]

(b)  The security is genuine and has not been
materially altered; and

(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: