MARVIN MANDEL, Governor                                   255

obtain possession of the security or new security even
from a bona fide purchaser if the ineffectiveness of the
purported indorsement can be asserted against him under
the provisions of this [subtitle] TITLE on unauthorized
indorsements (§ 8—311).

(3) The right to obtain or reclaim possession of a
security may be specifically enforced and its transfer
enjoined and the security impounded pending the
litigation.

8—316. Purchaser's right to requisites for registration
of transfer on books.

Unless otherwise agreed the transferor Bust on due
demand supply his purchaser with any proof of his
authority to transfer or with any other requisite which
may be necessary to obtain registration of the transfer
of the security but if the transfer is not for value a
transferor need not do so unless the purchaser furnishes
the necessary expenses. Failure to comply with a demand
made within a reasonable time gives the purchaser the
right to reject or rescind the transfer.

8—317. Attachment or levy upon security.

(1)   No attachment or levy upon a security or any
share or other interest evidenced thereby which is
outstanding shall be valid until the security is actually
seized by the officer making the attachment or levy but a
security which has been surrendered to the issuer may be
attached or levied upon at the source.

(2)    A creditor whose debtor is the owner of a
security shall be entitled to such aid from courts of
appropriate jurisdiction, by injunction or otherwise, in
reaching such security or in satisfying the claim by
means thereof as is allowed at law or in equity in regard
to property which cannot readily be attached or levied
upon by ordinary legal process.

8—318. No conversion by good faith delivery.

An agent or bailee who in good faith (including
observance of reasonable commercial standards if he is in
the business of buying, selling or otherwise dealing with
securities) has received securities and sold, pledged or
delivered them according to the instructions of his
principal is not liable for conversion or for
participation in breach of fiduciary duty although the
principal had no right to dispose of them.

8—319. Statute of frauds.