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Can you summarize MNST 336.8-109?
UNIFORM COMMERCIAL CODE > WARRANTIES IN INDIRECT HOLDING.
Short Summary
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the warranties in indirect holding of securities. It outlines the obligations and warranties that apply to various parties involved in securities transactions. The document specifies that a person originating an entitlement order to a securities intermediary warrants that the order is made by an appropriate person and that there is no adverse claim to the security entitlement. Similarly, a person delivering a security certificate to a securities intermediary or originating an instruction for an uncertificated security warrants the same. Additionally, if a securities intermediary delivers a security certificate to its entitlement holder or causes registration as the owner of an uncertificated security, it makes the same warranties to the entitlement holder. The document does not mention any specific exemptions or penalties. Overall, it establishes the warranties that parties must provide in indirect holding of securities transactions.
Whom does it apply to?
Persons who originate entitlement orders, persons who deliver security certificates to securities intermediaries, securities intermediaries
What does it govern?
Entitlement orders, security certificates, securities intermediaries, security entitlements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota