78. A person signing a security certificate in a capacity such as trustee, transfer registrar or transfer agent for the purpose of certifying the origin, genuineness and integrity of the security certificate for the issuer warrants to the purchaser for value of the security, if the purchaser is without notice of a particular defect in respect of that security, that
(1) the security certificate is neither forged nor counterfeited;
(2) the person is acting within the person’s capacity and within the scope of the authority received by the person from the issuer; and
(3) the person has reasonable grounds to believe that the security is in the form and within the amount the issuer is authorized to issue.
Unless otherwise agreed, the person signing the security certificate does not assume responsibility for the validity of the security in any respect other than that set out in the first paragraph.