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Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 8. · Article 8. INVESTMENT SECURITIES · Part 1. SHORT TITLE AND GENERAL MATTERS

11-8-109. Warranties in indirect holding.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (a)

    A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that:#

    1. (1)

      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#

    2. (2)

      There is no adverse claim to the security entitlement.#

  2. (b)

    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 security directing that the uncertificated security be credited to a securities account makes to the securities intermediary the warranties specified in subsection (a) or (b) of Code Section 11-8-108.#

  3. (c)

    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, the securities intermediary makes to the entitlement holder the warranties specified in subsection (a) or (b) of Code Section 11-8-108.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 11-8-109, enacted by Ga. L. 1998, p. 1323, § 1.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-2022-pdf.pdf, Volume V9, 2022 edition, page 665; merge action: carried; file SHA-256 ad397fccbf21.