J. MILLARD TAWES, Governor                        911

(3) Notice of an adverse claim received by the broker or by the
purchaser after the broker takes delivery as a holder for value is
not effective either as to the broker or as to the purchaser. However,
as between the broker and the purchaser, the purchaser may de-
mand delivery of an equivalent security as to which no notice of an
adverse claim has been received.

8—314. Duty to Deliver, When Completed.—

(1)   Unless otherwise agreed where a sale of a security is made
on an exchange or otherwise through brokers

(a)  the selling customer fulfills his duty to deliver when he places
such a security in the possession of the selling broker or of a person
designated by the broker or if requested causes an acknowledgment
to be made to the selling broker that it is held for him; and

(b)  the selling broker including a correspondent broker acting for
a selling customer fulfills his duty to deliver by placing the security
or a like security in the possession of the buying broker or a person
designated by him or by effecting clearance of the sale in accordance
with the rules of the exchange on which the transaction took place.

(2)  Except as otherwise provided in this section and unless other-
wise agreed, a transferor's duty to deliver a security under a con-
tract of purchase is not fulfilled until he places the security in form
to be negotiated by the purchaser in the possession of the purchaser
or of a person designated by him or at the purchaser's request causes
an acknowledgment to be made to the purchaser that it is held for
him. Unless made on an exchange a sale to a broker purchasing for
his own account is within this subsection and not within subsection
(1).

8—315. Action Against Purchaser Based Upon Wrongful Transfer.

(1)  Any person against whom the transfer of a security is wrong-
ful for any reason, including his incapacity, may against anyone
except a bona fide purchaser reclaim possession of the security or
obtain possession of any new security evidencing all or part of the
same rights or have damages.

(2)  If the transfer is wrongful because of an unauthorized indorse-
ment, the owner may also reclaim or obtain possession of the security
or new security even from a bona fide purchaser if the ineffectiveness
of the purported indorsement can be asserted against him under the
provisions of this Sub-title on unauthorized indorsements (Section
8—311).

(3)  The right to obtain or reclaim possession of a security may be
specifically enforced and its transfer enjoined and the security im-
pounded pending the litigation.

8—316. Purchaser's Right to Requisites for Registration of Trans-
fer on Books.

Unless otherwise agreed the transferor must on due demand supply
his purchaser with any proof of his authority to transfer or with any
other requisite which may be necessary to obtain registration of the
transfer of the security but if the transfer is not for value a trans-
feror need not do so unless the purchaser furnishes the necessary