1. A person signing a security certificate as authenticating trustee, registrar, transfer agent or the like warrants to a purchaser for value of the certificated security, if the purchaser is without notice of a particular defect, that: (a) The certificate is genuine; (b) His or her own participation in the issue or registration of the transfer, pledge or release of the security is within his or her capacity and within the scope of the authority received from the issuer; and (c) He or she has reasonable grounds to believe that the certificated security is in the form and within the amount the issuer is authorized to issue. 2. Unless otherwise agreed, a person signing under subsection 1 does not assume responsibility for the validity of the security in other respects.
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