MARVIN MANDEL, Governor                               241

OWNER.

A CORPORATION OR TRANSFER AGENT MAKING A TRANSFER
PURSUANT TO AN ASSIGNMENT BY A FIDUCIARY WHO IS NOT THE
REGISTERED OWNER SHALL OBTAIN THE FOLLOWING EVIDENCE OF
APPOINTMENT OR INCUMBENCY:

(A) IN THE CASE OF A FIDUCIARY APPOINTED OR
QUALIFIED BY A COURT, A CERTIFICATE ISSUED BY OR UNDER
THE DIRECTION OR SUPERVISION OF THAT COURT OR AN OFFICER
THEREOF AND DATED WITHIN 60 DAYS BEFORE THE TRANSFER; OR

(B) IN ANY OTHER CASE, A COPY OF A DOCUMENT SHOWING
THE APPOINTMENT OR A CERTIFICATE ISSUED BY OR ON BEHALF
OF A PERSON REASONABLY BELIEVED BY THE CORPORATION OR
TRANSFER AGENT TO BE RESPONSIBLE OR, IN THE ABSENCE OF
SUCH A DOCUMENT OR CERTIFICATE, OTHER EVIDENCE REASONABLY
DEEMED BY THE CORPORATION OR TRANSFER AGENT TO BE
APPROPRIATE. CORPORATIONS AND TRANSFER AGENTS MAY ADOPT
STANDARDS WITH RESPECT TO EVIDENCE OF APPOINTMENT OR
INCUMBENCY UNDER THIS SUBSECTION PROVIDED SUCH STANDARDS
ARE NOT MANIFESTLY UNREASONABLE. NEITHER THE
CORPORATION NOR TRANSFER AGENT IS CHARGED WITH NOTICE OF
THE CONTENTS OF ANY DOCUMENT OBTAINED PURSUANT TO THIS
PARAGRAPH EXCEPT TO THE EXTENT THAT THE CONTENTS RELATE
DIRECTLY TO THE APPOINTMENT OR INCUMBENCY.

15-305. CLAIM OF BENEFICIAL INTEREST ADVERSE TO TRANSFER
OF SECURITY PURSUANT TO ASSIGNMENT BY FIDUCIARY.

(A) WRITTEN NOTICE OF CLAIM.

A PERSON ASSERTING A CLAIM OF BENEFICIAL INTEREST
ADVERSE TO THE TRANSFER OF A SECURITY PURSUANT TO AN
ASSIGNMENT BY A FIDUCIARY MAY GIVE THE CORPORATION OR
TRANSFER AGENT WRITTEN NOTICE OF THE CLAIM. THE
CORPORATION OR TRANSFER AGENT IS NOT PUT ON NOTICE UNLESS
THE WRITTEN NOTICE IDENTIFIES THE CLAIMANT, THE
REGISTERED OWNER, AND THE ISSUE OF WHICH THE SECURITY IS
A PART, PROVIDES AN ADDRESS FOR COMMUNICATIONS DIRECTED
TO THE CLAIMANT AND IS RECEIVED BEFORE THE TRANSFER.
NOTHING IN THIS SUBTITLE RELIEVES THE CORPORATION OR
TRANSFER AGENT OF ANY LIABILITY FOR MAKING OR REFUSING TO
MAKE THE TRANSFER AFTER IT IS SO PUT ON NOTICE, UNLESS IT
PROCEEDS IN THE MANNER AUTHORIZED IN SUBSECTION(B).

(B) NOTICE TO CLAIMANT UPON PRESENTATION OF SECURITY
FOR TRANSFER.

AS SOON AS PRACTICABLE AFTER THE PRESENTATION OF A
SECURITY FOR TRANSFER PURSUANT TO AN ASSIGNMENT BY A
FIDUCIARY, A CORPORATION OR TRANSFER AGENT WHICH HAS
RECEIVED NOTICE OF A CLAIM OF BENEFICIAL INTEREST ADVERSE
TO THE TRANSFER MAY SEND NOTICE OF THE PRESENTATION BY