MARVIN MANDEL, Governor                                  243

(B) APPLICATION TO RIGHTS AND DUTIES OF OTHER
PERSONS.

THIS SUBTITLE APPLIES TO THE RIGHTS AND DUTIES OF A
PERSON OTHER THAN THE CORPORATION AND ITS TRANSFER AGENTS
WITH REGARD TO ACTS AND OMISSIONS IN THIS STATE IN
CONNECTION WITH THE ACQUISITION, DISPOSITION, ASSIGNMENT,
OR TRANSFER OF A SECURITY BY OR TO A FIDUCIARY AND OF A
PERSON WHO GUARANTEES IN THIS STATE THE SIGNATURE OF A
FIDUCIARY IN CONNECTION WITH SUCH A TRANSACTION.

15-309. TAX OBLIGATIONS.

THIS SUBTITLE DOES NOT AFFECT ANY OBLIGATION OF A
CORPORATION OR TRANSFER AGENT WITH RESPECT TO ESTATE,
INHERITANCE, SUCCESSION, OR OTHER TAXES IMPOSED BY THE
LAWS OF THIS STATE.

15-310. UNIFORMITY OF INTERPRETATION.

THIS SUBTITLE SHALL BE SO CONSTRUED AS TO EFFECTUATE
ITS GENERAL PURPOSE TO MAKE UNIFORM THE LAW OF THOSE
STATES WHICH ENACT IT.

15-311. SHORT TITLE.

THIS SUBTITLE MAY BE CITED AS THE UNIFORM ACT FOR
THE SIMPLIFICATION OF FIDUCIARY SECURITY TRANSFERS.

REVISOR'S NOTE: These sections presently appear as
Art. 37A, §§15 through 25. This is the
Uniform Act for Simplification of Fiduciary
Security Transfers. A slight change is made
in style. [[9)]] [[clear]]

SUBTITLE 4. MARYLAND UNIFORM MANAGEMENT OF INSTITUTIONAL
FUNDS ACT.

15-401. DEFINITIONS.

(A)   IN GENERAL.

IN THIS SUBTITLE THE FOLLOWING WORDS OR PHRASES HAVE
THE MEANINGS INDICATED.

(B)   ENDOWMENT FUND.

"ENDOWMENT FUND"   MEANS AN INSTITUTIONAL FUND, OR ANY

PART OF IT NOT WHOLLY EXPENDABLE BY THE INSTITUTION ON A

CURRENT BASIS UNDER THE TERMS OF THE APPLICABLE GIFT
INSTRUMENT.

(C)   GIFT INSTRUMENT.