T-11.002 - Act respecting the transfer of securities and the establishment of security entitlements

Section 67 Disposition versions

2009-01-01

67. A person who originates an instruction for the registration of transfer of an uncertificated security to a purchaser for value of the security warrants to the purchaser that

(1)  the instruction is made by the appropriate person or, if the originator is a representative of the appropriate person, the originator has actual authority to act on behalf of the appropriate person;

(2)  the security is valid;

(3)  there is no adverse claim to the security; and

(4)  at the time that the instruction is presented to the issuer, the purchaser will be entitled to the registration of transfer, the transfer will be registered by the issuer free from all prior claims, hypothecs, restrictions and claims other than those specified in the instruction, the transfer will not violate any restriction on transfer, and the transfer will otherwise be effective and rightful.

2008, c. 20, s. 67.