2720

LAWS OF MARYLAND

Ch. 720

STATEMENT HAS BEEN SENT, IF THE PURCHASER IS without notice of
the lack of authority AND [if] the signing has been done by:

(a)  An authenticating trustee, registrar, transfer
agent or other person entrusted by the issuer with the signing of
the security [or], of similar securities, or [their] OF INITIAL
TRANSACTION STATEMENTS OR THE immediate preparation for signing
OF ANY OF THEM; or

(b)  An employee of the issuer or of any of the
foregoing entrusted with responsible handling of the security OR
INITIAL TRANSACTION STATEMENT.

8-206.

(1)   [Where] IF a CERTIFICATED security contains the
signatures necessary to its issue or transfer but is incomplete
in any other respect:

(a)  Any person may complete it by filling in the
blanks as authorized; and

(b)  Even though the blanks are incorrectly filled in,
the security as completed is enforceable by a purchaser who took
it for value and without notice of [such] THE incorrectness.

(2)  A complete CERTIFICATED security [which] THAT has been
improperly altered even though fraudulently remains enforceable
but only according to its original terns.

(3)  IF AN INITIAL TRANSACTION STATEMENT CONTAINS THE
SIGNATURES NECESSARY TO ITS VALIDITY, BUT IS INCOMPLETE IN ANY
OTHER RESPECT:

(A)  ANY PERSON MAY COMPLETE IT BY FILLING IN THE
BLANKS AS AUTHORIZED; AND

(B)  EVEN THOUGH THE BLANKS ARE INCORRECTLY FILLED IN,
THE STATEMENT AS COMPLETED IS EFFECTIVE IN FAVOR OF THE PERSON TO
WHOM IT IS SENT IF THE PERSON PURCHASED THE SECURITY REFERRED TO
THEREIN FOR VALUE AND WITHOUT NOTICE OF THE INCORRECTNESS.

(4)  A COMPLETE INITIAL TRANSACTION STATEMENT THAT HAS BEEN
IMPROPERLY ALTERED, EVEN THOUGH FRAUDULENTLY, IS EFFECTIVE IN
FAVOR OF A PURCHASER TO WHOM IT HAS BEEN SENT, BUT ONLY ACCORDING
TO ITS ORIGINAL TERMS.

8-207.

(1) Prior to due presentment for registration of [a]
transfer of a CERTIFICATED security in registered form the issuer
or indenture trustee may treat the registered owner as the person
exclusively entitled to vote, to receive notifications and
otherwise to exercise all the rights and powers of an owner.