J. MILLARD TAWES, Governor                        909

(8) "An appropriate person" in subsection (1) means

(a)  the person specified by the security or by special indorsement
to be entitled to the security; or

(b)  where the person so specified is described as a fiduciary but
is no longer serving in the described capacity,—either that person
or his successor; or

(c)  where the security or indorsement so specifies more than one
person as fiduciaries and one or more are no longer serving in the
described capacity,—the remaining fiduciary or fiduciaries, whether
or not a successor has been appointed or qualified; or

(d)  where the person so specified is an individual and is without
capacity to act by virtue of death, incompetence, infancy or other-
wise,—his executor, administrator, guardian or like fiduciary; or

(e)  where the security or indorsement so specifies more than one
person as tenants by the entirety or with right of survivorship and
by reason of death all cannot sign,—the survivor or survivors; or

(f)  a person having power to sign under applicable law or con-
trolling instrument; or

(g)  to the extent that any of the foregoing persons may act
through an agent,—his authorized agent.

(4) Unless otherwise agreed the indorser by his indorsement as-
sumes no obligation that the security will be honored by the issuer.

(5)  An indorsement purporting to be only of part of a security
representing units intended by the issuer to be separately transfer-
able is effective to the extent of the indorsement.

(6)  Whether the person signing is appropriate is determined
as of the date of signing and an indorsement by such a person does
not become unauthorized for the purposes of this sub-title by virtue
of any subsequent change of circumstances.

(7)  Failure of a fiduciary to comply with a controlling instrument
or with the law of the state having jurisdiction of the fiduciary rela-
tionship, including any law requiring the fiduciary to obtain court
approval of the transfer, does not render his indorsement unauthor-
ized for the purposes of this Sub-title.

8—309. Effect of Indorsement Without Delivery.—

An indorsement of a security whether special or in blank does
not constitute a transfer until delivery of the security on which it
appears or if the indorsement is on a separate document until de-
livery of both the document and the security.

8—310. Indorsement of Security in Bearer Form.—

An indorsement of a security in bearer form may give notice of
adverse claims (Section 8—304) but does not otherwise affect any
right to registration the holder may possess.

8—311. Effect of Unauthorized Indorsement.—

Unless the owner has ratified an unauthorized indorsement or is
otherwise precluded from asserting its ineffectiveness