CORPORATIONS. 113

An. Code, 1924, sec. 55. 1912, sec. 42. 1910, ch. 73, sec. 37E (p. 68).
1927, ch. 376, sec. 55.

55. The delivery of a certificate to transfer title, in accordance with
the provisions of Section 51, is effectual, except as provided in Section 57,
though made by one having no right of possession and having no authority
from the owner of the certificate or from the person purporting to transfer
the title.

57.

Where owner of stock endorses power of attorney thereon authorizing such
attorney to sell, assign and transfer it, and the latter fraudulently pledges it
for his own benefit, pledgee taking in good faith and without notice is protected
against claim of owner. Right to sell includes right to pledge. Construction of
statute which conforms to law elsewhere, preferred. Jenkins v. Continental
Trust Co., 150 Md. 426.

68.

See notes to sec. 57.

69.

See notes to sec. 57.

71.

See notes to sec. 57.

1927, ch. 671.

73 1/2. Assignments or powers of attorney executed by trustees, execu-
tors, administrators, guardians, life tenants, joint tenants, tenants by the
entireties, tenants in common, minors and persons incompetent to contract,
directing the transfer of shares of capital stock, rights to subscribe to
capital stock, and/or registered obligations for the payment of money
issued by any corporation of this State, when accompanied by the certificate
or obligation, shall be sufficient authority to the corporation, for making
such transfers, and protect it against liability of any kind in the following
cases:

(1) If a duly certified copy of an order of any Court of Record (includ-
ing therein Orphans' and Probate Courts) directing or authorizing the
transfer of such shares, subscription rights, and/or obligations, is delivered
to such corporation.

(2) If such shares, subscription rights and/or obligations arc registered
in the name of one or more persons, firms or corporations as trustee or
trustees, without any reference to or description of the trust, unless the
corporation has actual knowledge that there is a breach of fiduciary obli-
gation on the part of the trustee or trustees in making the transfer, or
has actual knowledge of such facts that its action in registering the transfer
amounts to bad faith.

(3) If such shares, subscription rights and/or obligations are registered
in the name or names of a life tenant, life tenants, joint tenants, tenants
by the entireties, or in common, without reference to any instrument cre-