HARRY HUGHES, Governor

2731

(1) [Delivery] TRANSFER OF A SECURITY OR A LIMITED INTEREST
(INCLUDING A SECURITY INTEREST) THEREIN to a purchaser occurs
[when] ONLY:

(a) [He] AT THE TIME HE or a person designated by him
acquires possession of a CERTIFICATED security; [or]

(B) AT THE TIME THE TRANSFER, PLEDGE OR RELEASE OF AN
UNCERTIFICATED SECURITY IS REGISTERED TO HIM OR A PERSON
DESIGNATED BY HIM;

[(b)] (C) [His broker] AT THE TIME HIS FINANCIAL
INTERMEDIARY acquires possession of a CERTIFICATED security
specially indorsed to or issued in the name of the purchaser;
[or]

[(C)] (D) [His broker] AT THE TIME A FINANCIAL
INTERMEDIARY, NOT A CLEARING CORPORATION, sends him confirmation
of the purchase and also by book entry or otherwise identifies [a
specific security in the broker's possession] as belonging to the
purchaser [; or]:

(I)  A SPECIFIC CERTIFICATED SECURITY IN THE
FINANCIAL INTERMEDIARY'S POSSESSION;

(II)  A QUANTITY OF SECURITIES THAT CONSTITUTE
OR ARE PART OF A FUNGIBLE BULK OF CERTIFICATED SECURITIES IN THE
FINANCIAL INTERMEDIARY'S POSSESSION OR OF UNCERTIFICATED
SECURITIES REGISTERED IN THE NAME OF THE FINANCIAL INTERMEDIARY;
OR

(III)  A QUANTITY OF SECURITIES THAT CONSTITUTE
OR ARE PART OF A FUNGIBLE BULK OF SECURITIES SHOWN ON THE ACCOUNT
OF THE FINANCIAL INTERMEDIARY ON THE BOOKS OF ANOTHER FINANCIAL
INTERMEDIARY;

[(d)] (E) With respect to an identified CERTIFICATED
security to be delivered while still in the possession of a third
person [when] NOT A FINANCIAL INTERMEDIARY AT THE TIME that
person acknowledges that he holds for the purchaser; [or]

(F) WITH RESPECT TO A SPECIFIC UNCERTIFICATED
SECURITY THE PLEDGE OR TRANSFER OF WHICH HAS BEEN REGISTERED TO A
THIRD PERSON, NOT A FINANCIAL INTERMEDIARY, AT THE TIME THAT
PERSON ACKNOWLEDGES THAT HE HOLDS FOR THE PURCHASER;

[(e)] (G) [Appropriate] AT THE TIME APPROPRIATE
entries TO THE ACCOUNT OF THE PURCHASER OR A PERSON DESIGNATED BY
HIM on the books of a clearing corporation are made under §
8-320[.];

(H) WITH RESPECT TO THE TRANSFER OF A SECURITY
INTEREST WHERE THE DEBTOR HAS SIGNED A SECURITY AGREEMENT
CONTAINING A DESCRIPTION OF THE SECURITY, AT THE TIME A WRITTEN
NOTIFICATION, WHICH, IN THE CASE OF THE CREATION OF THE SECURITY