(1) A bank may become guarantor of the genuineness of a signature. (2) A bank guaranteeing the signature of a person on any document warrants to any person relying on such guaranty only that: (a) The signature is that of a person signing; (b) The signer is the holder or the signer has purported authority to sign in the name of the holder; except that, if the holder purports to act as a fiduciary, as "fiduciary" is defined either in this code or in article 1 of title 15, or if the holder's name is signed by a person purporting to act on the holder's behalf as such a fiduciary, the bank warrants that the holder or person signing as fiduciary is in fact the fiduciary purported to be and warrants that the bank has no actual knowledge that the fiduciary is committing a breach of the fiduciary's obligation as the fiduciary in signing the document and that it has no knowledge of facts that its action in guaranteeing the signature amounts to bad faith; and (c) The signer has legal capacity to sign. (3) A bank may disclaim in its guaranty all or any part of the obligations set forth in paragraph (b) of subsection (2) of this section.
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