THEODORE R. MCKELDIN, GOVERNOR 351

person is the person appearing by the certificate to be the
owner thereof until and unless he also indorses the certificate
to another specified person. Subsequent special indorsements
may be made with like effect.

116. (Other Definitions. ) (a) In this sub-title, unless the
context or subject-matter otherwise requires:

"Certificate" means a certificate of stock in a corporation
organized under the laws of this State or of another state
whose laws are consistent with this sub-title.

"Delivery" means voluntary transfer of possession from one
person to another.

"Person" includes a corporation or partnership of two or
more persons having a joint or common interest.

To "purchase" includes to take as mortgagee or as pledgee.
"Purchaser" includes mortgagee and pledgee.

"Shares" means a share or shares of stock in a corporation
organized under the laws of this State or of another state
whose laws are consistent with this sub-tiitle.

"State" includes State, territory, district and insular pos-
session of the United States.

"Transfer" means transfer of legal title.

"Title" means legal title and does not include a merely
equitable or beneficial ownership or interest.

"Value" is any consideration sufficient to support a simple
contract. An antecedent or pre-existing obligation, whether
for money or not, constitutes value where a certificate is taken
either in satisfaction thereof or as security therefor.

(b) A thing is done "in good faith" within the meaning of
this sub-title, when it is in fact done honestly, whether it be
done negligently or not.

117. (Applicability. ) The provisions of this sub-title apply
only to certificates issued after July 1, 1910.

118. (Short Name. ) This sub-title may be cited as the
Uniform Stock Transfer Act.

MISCELLANEOUS

119. (Acknowledgments. ) A corporation may acknowledge
any instrument required by law to be acknowledged, by its
attorney appointed under its seal, and such appointment may