2734

LAWS OF MARYLAND

Ch. 720

(IV) [by effecting] EFFECTS clearance of the
sale in accordance with the rules of the exchange on which the
transaction took place.

(2)  Except as   [otherwise] provided in this section and
unless otherwise    agreed, a transferor's duty to [deliver]
TRANSFER a security  under a contract of purchase is not fulfilled
until he:

(A)   [places the] PLACES A CERTIFICATED security in
form to be negotiated by the purchaser in the possession of the
purchaser or of a person designated by THE PURCHASER; [him or]

(B)  CAUSES AN UNCERTIFICATED SECURITY TO BE
REGISTERED IN THE NAME OF THE PURCHASER OR A PERSON DESIGNATED BY
THE PURCHASER; OR

(C)   [at the purchaser's request] IF THE PURCHASER
REQUESTS, causes an acknowledgment to be made to the purchaser
that [it] A CERTIFICATED OR UNCERTIFICATED SECURITY is held for
[him] THE PURCHASER.

(3)  Unless made on an exchange a sale to a broker
purchasing for his own account is within [this] subsection (2)
and not within subsection (1).

8-315.

(1)    Any person against whom the transfer of a security is
wrongful for any reason, including his incapacity, [may] AS
against anyone except a bona fide purchaser, MAY:

(A)   [reclaim] RECLAIM possession of the CERTIFICATED
security WRONGFULLY TRANSFERRED; [or]

(B)   [obtain] OBTAIN possession of any new
CERTIFICATED security [evidencing] REPRESENTING all or part of
the same rights; [or]

(C)  COMPEL THE ORIGINATION OF AN INSTRUCTION TO
TRANSFER TO HIM OR A PERSON DESIGNATED BY HIM AN UNCERTIFICATED
SECURITY CONSTITUTING ALL OR PART OF THE SAME RIGHTS; OR

(D)   [have] HAVE damages.

(2)  If the transfer is wrongful because of an unauthorized
indorsement OF A CERTIFICATED SECURITY, the owner may also
reclaim or obtain possession of the security or A new
CERTIFICATED security even from a bona fide purchaser if the
ineffectiveness of the purported indorsement can be asserted
against him under the provisions of this title on unauthorized
indorsements (§ 8-311).

(3)  The right to obtain or reclaim possession of a
CERTIFICATED security OR TO COMPEL THE ORIGINATION OF A TRANSFER