New York Uniform Commercial Code Law Section 8-205 - Effect of Unauthorized Signature on Security Certificate.

Section 8--205. Effect    of    Unauthorized   Signature   on   Security
                Certificate.
An unauthorized signature placed on a security certificate  before  or
  in the course of issue is ineffective, but the signature is effective in
  favor  of  a  purchaser  for  value  of the certificated security if the
  purchaser is without notice of the lack of authority and the signing has
  been done by:
(1) an authenticating trustee, registrar,  transfer  agent,  or  other
  person  entrusted  by  the  issuer  with  the  signing  of  the security
  certificate or  of  similar  security  certificates,  or  the  immediate
  preparation for signing of any of them; or
(2) an  employee  of  the  issuer,  or of any of the persons listed in
  subsection (1), entrusted with  responsible  handling  of  the  security
  certificate.

Last modified: February 3, 2019