912                               LAWS OF MARYLAND                        [CH. 538

expenses. Failure to comply with a demand made within a reason-
able time gives the purchaser the right to reject or rescind the
transfer.

8—317. Attachment or Levy Upon Security.

(1)  No attachment or levy upon a security or any share or other
interest evidenced thereby which is outstanding shall be valid until
the security is actually seized by the officer making the attachment
or levy but a security which has been surrendered to the issuer may
be attached or levied upon at the source.

(2)  A creditor whose debtor is the owner of a security shall be
entitled to such aid from courts of appropriate jurisdiction, by in-
junction or otherwise, in reaching such security or in satisfying the
claim by means thereof as is allowed at law or in equity in regard
to property which cannot readily be attached or levied upon by
ordinary legal process.

8—318. No Conversion by Good Faith Delivery.

An agent or bailee who in good faith (including observance of
reasonable commercial standards if he is in the business of buying,
selling or otherwise dealing with securities) has received securities
and sold, pledged or delivered them according to the instructions of
his principal is not liable for conversion or for participation in breach
of fiduciary duty although the principal had no right to dispose of
them.

8—319. Statute of Frauds.

A contract for the sale of securities is not enforceable by way of
action or defense unless

(a)  there is some writing signed by the party against whom en-
forcement is sought or by his authorized agent or broker sufficient
to indicate that a contract has been made for sale of a stated quantity
of described securities at a defined or stated price; or

(b)  delivery of the security has been accepted or payment has been
made but the contract is enforceable under this provision only to the
extent of such delivery or payment; or

(c)  within a reasonable time a writing in confirmation of the sale
or purchase and sufficient against the sender under paragraph (a)
has been received by the party against whom enforcement is sought
and he has failed to send written objection to its contents within ten
days after its receipt; or

(d)  the party against whom enforcement is sought admits in his
pleading, testimony or otherwise in court that a contract was made
for sale of a stated quantity of described securities at a defined or
stated price.

8—320. Transfer or Pledge within a Central Depository System.
(1) If a security

(a) is in the custody of a clearing corporation or of a custodian
bank or a nominee of either subject to the instructions of the clear-
ing corporation; and