256

LAWS OF MARYLAND

[Ch. 49

A contract for the sale of securities is not
enforceable by way of action or defense unless

(a)   There is some writing signed by the party
against whom enforcement is sought or by his authorized
agent or broker sufficient to indicate that a contract
has been made for sale of a stated quantity of described
securities at a defined or stated price; or

(b)     Delivery of the security has been
accepted or payment has been made but the contract is
enforceable under this provision only to the extent of
such delivery or payment; or

(c)   Within a reasonable time a writing in
confirmation of the sale or purchase and sufficient
against the sender under paragraph (a) has been received
by the party against whom enforcement is sought and he
has failed to send written objection to its contents
within ten days after its receipt; or

(d)    The party against whom enforcement is
sought admits in his pleading, testimony or otherwise in
court that a contract was made for sale of a stated
quantity of described securities at a defined or stated
price.

8—320. Transfer or pledge within a central depository
system.

(1)   If a security

(a)    Is in the custody of a clearing
corporation or of a custodian bank or a nominee of either
subject to the instructions of the clearing corporation;
and

(b)   Is in bearer form or endorsed in blank by
an appropriate person or registered in the name of the
clearing corporation or custodian bank or a nominee of
either; and

(c)   Is shown on the account of a transferor
or pledgor on the books of the clearing corporation;
then, in addition to other methods, a transfer or pledge
of the security or any interest therein may be effected
by the making of appropriate entries on the books of the
clearing corporation reducing the account of the
transferor or pledgor and increasing the account of the
transferee or pledgee by the amount of the obligations or
the number of shares or rights transferred or pledged.

(2)    Under this section entries may be with respect
to like securities or interests therein as a part of a