252 LAWS OF MARYLAND [CH. 92

interest adverse to the transfer may send notice of the presentation
by registered or certified mail to the claimant at the address given by
him. If the corporation or transfer agent so mails such a notice it
shall withhold the transfer for thirty days after the mailing and shall
then make the transfer unless restrained by a court order.

20. Non-Liability of Corporation and Transfer Agent. A corpo-
ration or transfer agent incurs no liability to any person by making
a transfer or otherwise acting in a manner authorized by this sub-
title.

21. Non-Liability of Third Persons, (a) No person who partici-
pates in the acquisition, disposition, assignment or transfer of a
security by or to a fiduciary, including a person who guarantees the
signature of the fiduciary, is liable for participation in any breach
of fiduciary duty by reason of failure to inquire whether the trans-
action involves a breach unless it is shown that he acted with actual
knowledge that the proceeds of the transaction were being or were
to be used wrongfully for the individual benefit of the fiduciary or
that the transaction was otherwise in breach of duty.

(b) If a corporation or transfer agent makes a transfer pursuant
to an assignment by a fiduciary, a person who guaranteed the signa-
ture of the fiduciary is not liable on the guarantee to any person to
whom the corporation or transfer agent by reason of this subtitle
incurs no liability.

(c) This section does not impose any liability upon the corporation
or its transfer agent.

22. Territorial Application, (a) The rights and duties of a cor-
poration and its transfer agents in registering a security in the name
of a fiduciary or in making a transfer of a security pursuant to an
assignment by a fiduciary are governed by the law of the jurisdiction
under whose laws the corporation is organized.

(b) This sub-title applies to the rights and duties of a person other
than the corporation and its transfer agents with regard to acts and
omissions in this state in connection with the acquisition, disposition,
assignment, or transfer of a security by or to a fiduciary and of a
person who guarantees in this state the signature of a fiduciary in
connection with such a transaction.

23. Tax Obligations. This sub-title does not affect any obliga-
tion of a corporation or transfer agent with respect to estate, inherit-
ance, succession, or other taxes imposed by the laws of this state..

24. Uniformity of Interpretation. This sub-title shall be so con-
strued as to effectuate its general purpose to make uniform the law
of those states which enact it.

25. Short Title. This sub-title may be cited as the Uniform Act
for the Simplification of Fiduciary Security Transfers.

SEC. 3. And be it further enacted, That all Acts and parts of Acts
inconsistent with the provisions of this Act are hereby repealed to
the extent of any such inconsistency.

SEC. 4. And be it further enacted, That this Act shall take effect
June 1, 1960.

Approved March 23, 1960.