240                                              LAWS OF MARYLAND                             [Ch. 11

(H) TRANSFER.

"TRANSFER" MEANS A CHANGE ON THE BOOKS OF A
CORPORATION IN THE REGISTERED OWNERSHIP OF A SECURITY.

(I) TRANSFER AGENT.

"TRANSFER AGENT" MEANS A PERSON EMPLOYED OR
AUTHORIZES BY A CORPORATION TO TRANSFER SECURITIES ISSUED
BY THE CORPORATION.

15-302. CORPORATION OR TRANSFER AGENT REGISTERING
SECURITY IN NAME OF FIDUCIARY NOT REQUIRED TO MAKE
INQUIRY.

A CORPORATION OR TRANSFER AGENT REGISTERING A
SECURITY IN THE NAME OF A PERSON WHO IS A FIDUCIARY OR
WHO IS DESCRIBED AS A FIDUCIARY IS NOT BOUND TO INQUIRE
INTO THE EXISTENCE, EXTENT, OR CORRECT DESCRIPTION OF THE
FIDUCIARY RELATIONSHIP; AND THEREAFTER THE CORPORATION
AND ITS TRANSFER AGENT MAY ASSUME WITHOUT INQUIRY THAT
THE NEWLY REGISTERED OWNER CONTINUES TO BE THE FIDUCIARY
UNTIL THE CORPORATION OR TRANSFER AGENT RECEIVES WRITTEN
NOTICE THAT THE FIDUCIARY IS NO LONGER ACTING AS SUCH
WITH RESPECT TO THE PARTICULAR SECURITY.

15-303. CORPORATION OR TRANSFER AGENT MAKING TRANSFER OF
SECURITY PURSUANT TO ASSIGNMENT BY FIDUCIARY—-ASSUMPTIONS
GENERALLY.

EXCEPT AS OTHERWISE PROVIDED IN THIS SUBTITLE, A
CORPORATION OR TRANSFER AGENT MAKING A TRANSFER OF A
SECURITY PURSUANT TO AN ASSIGNMENT BY A FIDUCIARY

(A)  MAY ASSUME WITHOUT INQUIRY THAT THE ASSIGNMENT,
EVEN THOUGH TO THE FIDUCIARY HIMSELF OR TO HIS NOMINEE,
IS WITHIN HIS AUTHORITY AND CAPACITY AND IS NOT IN BREACH
OF HIS FIDUCIARY DUTIES;

(B)  MAY ASSUME WITHOUT INQUIRY THAT THE FIDUCIARY
HAS COMPLIED WITH ANY CONTROLLING INSTRUMENT AND WITH THE
LAW OF THE JURISDICTION GOVERNING THE FIDUCIARY
RELATIONSHIP, INCLUDING ANY LAW REQUIRING THE FIDUCIARY
TO OBTAIN COURT APPROVAL OF THE TRANSFER; AND

(C)   IS NOT CHARGED WITH NOTICE OF AND IS NOT BOUND
TO OBTAIN OR EXAMINE ANY COURT RECORD OR ANY RECORDED OR
UNRECORDED DOCUMENT RELATING TO THE FIDUCIARY
RELATIONSHIP OR THE ASSIGNMENT, EVEN THOUGH THE RECORD OR
DOCUMENT IS IN ITS POSSESSION.

15-304. EVIDENCE REQUIRED WHEN FIDUCIARY NOT REGISTERED