MARVIN MANDEL, Governor

251

necessary indorsement supplied.

8—308. Indorsement, how made; special indorsement;
indorser not a guarantor; partial assignment.

(1) An indorsement of a security in registered form
is made when an appropriate person signs on it or on a
separate document an assignment or transfer of the
security or a power to assign or transfer it or when the
signature of such person is written without more upon the
back of the security.

(2) An indorsement may be in blank or special. An
indorsement in blank includes an indorsement to bearer.
A special indorsement specifies the person to whom the
security is to be transferred, or who has power to
transfer it. A holder may convert a blank indorsement
into a special indorsement.

(3)   "An appropriate person" in subsection (1) means

(a)    The person specified by the security or
by special indorsement to be entitled to the security; or

(b)    Where the person so specified is
described as a fiduciary but is no longer serving in the
described capacity,—either that person or his successor;
or

(c)   Where the security or indorsement so
specifies more than one person as fiduciaries and one or
more are no longer serving in the described
capacity,—the remaining fiduciary or fiduciaries,
whether or not a successor has been appointed or
qualified; or

(d)    Where the person so specified is an
individual and is without capacity to act by virtue of
death, incompetence, infancy or otherwise,—his executor,
administrator, guardian or like fiduciary; or

(e) Where the security or indorsement so
specifies more than one person as tenants by the entirety
or with right of survivorship and by reason of death all
cannot sign,—the survivor or survivors; or

(f)    A person having power to sign under
applicable law or controlling instrument; or

(g)   To the extent that any of the foregoing
persons may act through an agent,—his authorized agent.

(4)   Unless otherwise agreed the indorser by his
indorsement assumes no obligation that the security will