Vermont § 402 - § 8—402.

§ 402. § 8—402.

• Assurance that indorsement or instruction is effective (a) An issuer may require the following assurance that each necessary indorsement or each
  instruction is genuine and authorized: (1) in all cases, a guaranty of the signature of the person making an indorsement or originating
  an instruction including, in the case of an instruction, reasonable assurance of identity; (2) if the indorsement is made or the instruction is originated by an agent, appropriate
  assurance of actual authority to sign; (3) if the indorsement is made or the instruction is originated by a fiduciary pursuant
  to subdivision 8—107(a)(4) or (a)(5) of this title, appropriate evidence of appointment
  or incumbency; (4) if there is more than one fiduciary, reasonable assurance that all who are required
  to sign have done so; and (5) if the indorsement is made or the instruction is originated by a person not covered
  by another provision of this subsection, assurance appropriate to the case corresponding
  as nearly as may be to the provisions of this subsection. (b) An issuer may elect to require reasonable assurance beyond that specified in this
  section. (c) In this section: (1) “Guaranty of the signature” means a guaranty signed by or on behalf of a person reasonably
  believed by the issuer to be responsible. An issuer may adopt standards with respect
  to responsibility if they are not manifestly unreasonable. (2) “Appropriate evidence of appointment or incumbency” means: (i) in the case of a fiduciary appointed or qualified by a court, a certificate issued
  by or under the direction or supervision of the court or an officer thereof and dated
  within 60 days before the date of presentation for transfer; or (ii) in any other case, a copy of a document showing the appointment or a certificate issued
  by or on behalf of a person reasonably believed by an issuer to be responsible or,
  in the absence of that document or certificate, other evidence the issuer reasonably
  considers appropriate. (Added 1995, No. 92 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)