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The Annotated Code of the Public General Laws of Maryland, 1924
Volume 375, Page 676   View pdf image (33K)
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676 ARTICLE 23.

An. Code, sec. 49. 1910, ch. 73, sec. 37L (p. 69).

62. A mortgagee, pledgee or other holder for security of a certificate,
who in good faith demands or receives payment of the debt for which such
certificate is security, whether from a party to a draft drawn for such debt,
or from any other person, shall not by so doing be deemed to represent or
to warrant the genuineness of such' certificate, or the value of the shares
represented thereby.

An. Code, sec. 50. 1910, ch. 73, sec. 37M (p. 70).

63. No attachment or levy upon shares of stock for which a certificate
is outstanding shall be valid until such certificate be actually seized by the
officer making the attachment or levy, or be surrendered to the corporation
which issued it, or its transfer by the holder be enjoined. Except where a
certificate is lost or destroyed, such corporation shall not be compelled to
issue a new certificate for the stock until the old certificate is surrendered
to it.

See also secs. 80 to 83. And as to lost certificates, see sec. 78.

An. Code, sec. 51. 1910, ch. 73, sec. 37N (p. 70).

64. A creditor whose debtor is the owner of a certificate shall be en-
titled to such aid from courts of appropriate jurisdiction, by injunction
and otherwise, in attaching such certificate or in satisfying the claim by
means thereof as is allowed at law or in equity, in regard to property which
cannot readily be attached or levied upon by ordinary legal process.

An. Code, sec. 52. 1910, ch. 73, sec. 37 O (p. 70).

65. There shall be no lien in favor of a corporation upon the shares
represented by a certificate issued by such corporation, and there shall
be no restriction upon the transfer of shares so represented by virtue of any
by-law of such corporation, or otherwise, unless the right of the corporation
to such lien or the restriction is stated upon the certificate.

An. Code, sec. 53. 1910, ch. 73, sec. 37P (p. 70).

66. The alteration of a certificate, whether fraudulent or not, and by
whomsoever made, shall not deprive the owner of his title to the certificate
and the shares originally represented thereby, and the transfer of such
a certificate shall convey to the transferee a good title to such certificate
and to the shares originally represented thereby.

An. Code, sec. 54, 1910, ch. 73, sec. 37Q (p. 70).

67. In any case not provided for by sections 51 to 73 of this article
the rules of law and equity, including the law merchant, and in particular
the rules relating to the law of principal and agent, executors, adminis-
trators and trustees, and to the effect of fraud, misrepresentation, duress
or coercion, mistake, bankruptcy or other invalidating cause, shall govern.

 

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The Annotated Code of the Public General Laws of Maryland, 1924
Volume 375, Page 676   View pdf image (33K)
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