MARVIN MANDEL, Governor

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which is supervised and examined by state or federal
authority having supervision over banks and which is
acting as custodian for a clearing corporation.

(5) Other definitions applying to this [subtitle]
TITLE or to specified [parts] SUBTITLES thereof and the
sections in which they appear are:

"Adverse claim." § 8-301.

"Bona fide purchaser." § 8—302.

"Broker." § 8-303.

"Guarantee of the signature." § 8—402.

"Intermediary bank." § 4-105.

"Issuer." § 8—201.

"Overissue." § 8-104.

(6) In addition [subtitle] TITLE 1 contains general
definitions and principles of construction and
interpretation applicable throughout this [subtitle]
TITLE.

8—103. Issuer's lien.

A lien upon a security in favor of an issuer thereof
is valid against a purchaser only if the right of the
issuer to such lien is noted conspicuously on the
security.

8—104. Effect of overissue; "overissue."

(1)   The provisions of this [subtitle] TITLE which
validate a security or compel its issue or reissue do not
apply to the extent that validation, issue or reissue
would result in overissue; but

(a)   If an identical security which does not
constitute an overissue is reasonably available for
purchase, the person entitled to issue or validation may
compel the issuer to purchase and deliver such a security
to him against surrender of the security, if any, which
he holds; or

(b)   If a security is not so available for
purchase, the person entitled to issue or validation may
recover from the issuer the price he or the last
purchaser for value paid for it with interest from the
date of his demand.

(2)   "Overissue" means the issue of securities in
excess of the amount which the issuer has corporate power
to issue.

8—105. Securities negotiable; presumptions.