2728                                          LAWS OF MARYLAND                                      Ch. 720

in the described capacity, [余 either that person or his
successor; [or]

[(c) Where] (B) IF the [security or indorsement so
specifies] PERSONS DESIGNATED ARE DESCRIBED AS more than one
person as fiduciaries and one or more are no longer serving in
the described capacity, [余 the remaining fiduciary or
fiduciaries, whether or not a successor has been appointed or
qualified; [or]

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

[(e) Where] (D) IF the [security or indorsement so
specifies] PERSONS DESIGNATED ARE DESCRIBED AS more than one
person as tenants by the entirety or with right of survivorship
and by reason of death all cannot sign, [余 the survivor or
survivors; [or]

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

[(g)] (F) To the extent that THE PERSON DESIGNATED OR
any of the foregoing persons may act through an agent, [余 his
authorized agent.

[(4)] (9) Unless otherwise agreed, the indorser OF A
CERTIFICATED SECURITY by his indorsement OR THE ORIGINATOR OF AN
INSTRUCTION BY HIS ORIGINATION assumes no obligation that the
security will be honored by the issuer BUT ONLY THE OBLIGATIONS
PROVIDED IN § 8-306.

[(5) An indorsement purporting to be only of part of a

security representing units intended by the issuer to be

separately transferable is effective to the extent of the
indorsement.]

[(6)] (10) Whether the person signing is appropriate is
determined as of the date of signing and an indorsement MADE BY
OR AN INSTRUCTION ORIGINATED by [such a person] HIM does not
become unauthorized for the purposes of this title by virtue of
any subsequent change of circumstances.

[(7)] (11) Failure of a fiduciary to comply with a
controlling instrument or with the law of the state having
jurisdiction of the fiduciary relationship, including any law
requiring the fiduciary to obtain court approval of the transfer,
PLEDGE OR RELEASE, does not render his indorsement OR AN
INSTRUCTION ORIGINATED BY HIM unauthorized for the purposes of
this title.

8-309.