2712                                          LAWS OF MARYLAND                                      Ch. 720

This title shall be known and may be cited as Maryland
Uniform Commercial Code — Investment Securities.

8-102.

(1) In this title unless the context otherwise requires:

(a) [A "security" is an instrument which

(i) Is issued in bearer or registered form; and

(ii) Is of a type commonly dealt in upon
securities exchanges or markets or commonly recognized in any
area in which it is issued or dealt in as a medium for
investment; and

(iii) Is either one of a class or series or by
its terms is divisible into a class or series of instruments; and

(iv) Evidences a share, participation or other
interest in property or in an enterprise or evidences an
obligation of the issuer.] A "CERTIFICATED SECURITY" IS A SHARE,
PARTICIPATION, OR OTHER INTEREST IN PROPERTY OF, OR AN ENTERPRISE
OF, THE ISSUER OR AN OBLIGATION OF THE ISSUER WHICH IS:

(I)  REPRESENTED BY AN INSTRUMENT ISSUED IN
BEARER OR REGISTERED FORM;

(II)  OF A TYPE COMMONLY DEALT IN ON SECURITIES
EXCHANGES OR MARKETS OR COMMONLY RECOGNIZED IN ANY AREA IN WHICH
IT IS ISSUED OR DEALT IN AS A MEDIUM FOR INVESTMENT; AND

(III)  EITHER 1 OF A CLASS OR SERIES OR BY ITS
TERMS DIVISIBLE INTO A CLASS OR SERIES OF SHARES, PARTICIPATIONS,
INTERESTS OR OBLIGATIONS.

(B) AN "UNCERTIFICATED SECURITY" IS A SHARE,
PARTICIPATION, OR OTHER INTEREST IN PROPERTY OR AN ENTERPRISE OF
THE ISSUER OR AN OBLIGATION OF THE ISSUER WHICH IS:

(I)  NOT REPRESENTED BY AN INSTRUMENT AND THE
TRANSFER OF WHICH IS REGISTERED ON BOOKS MAINTAINED FOR THAT
PURPOSE BY OR ON BEHALF OF THE ISSUER;

(II)  OF A TYPE COMMONLY DEALT IN ON SECURITIES
EXCHANGES OR MARKETS; AND

(III)  EITHER 1 OF A CLASS OR SERIES OR BY ITS
TERMS DIVISIBLE INTO A CLASS OR SERIES OF SHARES,
PARTICIPATIONS, INTEREST OR OBLIGATIONS.

[(b)] (C) A "SECURITY" IS EITHER A CERTIFICATED OR AN
UNCERTIFICATED SECURITY. IF A SECURITY IS CERTIFICATED, THE
TERMS "SECURITY" AND "CERTIFICATED SECURITY" MAY MEAN EITHER THE
INTANGIBLE INTEREST, THE INSTRUMENT REPRESENTING THAT INTEREST,