348 LAWS OF MARYLAND [CH. 135

(b) has revoked the delivery of the certificate, or the au-
thority given by the indorsement or delivery of the certificate,
or

(c) has died or become legally incapacitated after the in-
dorsement, whether before or after the delivery of the certi-
ficate, or

(d) has received no consideration.

102. (Rescission of Transfer. ) If the indorsement or de-
livery of a certificate,

(a) was procured by fraud or duress, or

(b) was made under such mistake as to make the indorse-
ment or delivery inequitable; or

If the delivery of a certificate was made

(c) without authority from the owner, or

(d) after the owner's death or legal incapacity, the posses-
sion of the certificate may be reclaimed and the transfer
thereof rescinded, unless:

(1) The certificate has been transferred to a purchaser for
value in good faith without notice of any facts making the
transfer wrongful, or

(2) The injured person has elected to waive the injury, or
has been guilty of laches in endeavoring to enforce his rights.

Any court of appropriate jurisdiction may enforce speci-
fically such right to reclaim the possession of the certificate
or to rescind the transfer thereof and, pending litigation, may
enjoin the further transfer of the certificate or impound it.

103. (Rights of Purchaser in Good Faith. ) Although the
transfer of a certificate or of shares represented thereby has
been rescinded or set aside, nevertheless, if the transferee has
possession of the certificate or of a new certificate repre-
senting part or the whole of the same shares of stock, a sub-
sequent transfer of such certificate by the transferee, medi-
ately or immediately, to a purchaser for value in good faith,
without notice of any facts making the transfer wrongful,
shall give such purchaser an indefeasible right to the certifi-
cate and the shares represented thereby.

104. (Effect of Delivery of Unindorsed Certificate. ) The
delivery of a certificate by the person appearing by the certi-
ficate to be the owner thereof without the indorsement requi-
site for the transfer of the certificate and the shares repre-