J. MILLARD TAWES, Governor                      383

6-104.

(2) The list of creditors must be signed and sworn to or affirmed
by the transferor or his agent. It must contain the names and busi-
ness addresses of all creditors of the transferor, with the amounts
when known, and also the names of all persons who are known to the
transferor to assert claims against him even though such claims are
disputed. If the transferor is the obligor of an outstanding issue of
bonds, debentures or the like as to which there is an indenture trus-
tee, the list of creditors need include only the name and address of
the indenture trustee and the aggregate outstanding [principle]
principal amount of the issue.

8-304.

(2) The fact that the purchaser (including a broker for the seller
or buyer) has notice that the security is held for a third person or is
registered in the name of or indorsed by a fiduciary does not create
a duty of inquiry into the rightfulness of the transfer or constitute
notice of adverse claims. If, however, the purchaser (excluding an
intermediary bank) has knowledge that the proceeds are being used
or that the transaction is for the individual benefit of the fiduciary
or otherwise in [breech] breach of duty, the purchaser is charged
with notice of adverse claims.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1964.

Approved April 7, 1964.

CHAPTER 144
(House Bill 137)

AN ACT to repeal and re-enact, with amendments, Section 170 of
Article 81 of the Annotated Code of Maryland (1957 Edition),
title "Revenue and Taxes," subtitle "Inheritance Tax," subheading
"In General," to correct an error in the law concerning property
passing subject to state inheritance tax.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 170 of Article 81 of the Annotated Code of Maryland
(1957 Edition), title "Revenue and Taxes," subtitle "Inheritance
Tax," subheading "In General," be and it is hereby repealed and
re-enacted, with amendments, to read as follows:

170.

Whenever any property shall pass subject to the inheritance tax
imposed by this subtitle, and there is no formal administration of
such estate subject to the jurisdiction of any court, and no inventory
is filed as required by Section 169, it shall be and become the duty of
the register of wills of the county or city in which the inventory
[shall] should have been filed, under the provisions of Section 169,
to apply for the appointment of at least two appraisers to value any