HARRY HUGHES, Governor

2735

INSTRUCTION may be specifically enforced and [its] THE transfer
OF A CERTIFICATED OR UNCERTIFICATED SECURITY enjoined and [the] A
CERTIFICATED security impounded pending the litigation.

8-316.

Unless otherwise agreed the transferor OF A CERTIFICATED
SECURITY OR THE TRANSFEROR, PLEDGOR OR PLEDGEE OF AN
UNCERTIFICATED SECURITY [must] on due demand MUST supply his
purchaser with any proof of his authority to transfer, PLEDGE OR
RELEASE or with any other requisite [which may be] necessary to
obtain registration of the transfer, PLEDGE OR RELEASE of the
security; but if the transfer, PLEDGE OR RELEASE is not for
value, a transferor, PLEDGOR OR PLEDGEE need not do so unless the
purchaser furnishes the necessary expenses. Failure WITHIN A
REASONABLE TIME to comply with a demand made [within a reasonable
time] gives the purchaser the right to reject or rescind the
transfer, PLEDGE OR RELEASE.

8-317.

(1)  [No] SUBJECT TO THE EXCEPTIONS IN SUBSECTIONS (3) AND
(4), NO attachment or levy upon a CERTIFICATED security or any
share or other interest [evidenced] REPRESENTED thereby which is
outstanding [shall be] IS valid until the security is actually
seized by the officer making the attachment or levy but a
CERTIFICATED security which has been surrendered to the issuer
may be [attached or levied upon at the source] REACHED BY A
CREDITOR BY LEGAL PROCESS AT THE ISSUER'S CHIEF EXECUTIVE OFFICE
IN THE UNITED STATES.

(2)  AN UNCERTIFICATED SECURITY REGISTERED IN THE NAME OF
THE DEBTOR MAY NOT BE REACHED BY A CREDITOR EXCEPT BY LEGAL
PROCESS AT THE ISSUER'S CHIEF EXECUTIVE OFFICE IN THE UNITED
STATES.

(3)  THE INTEREST OF A DEBTOR IN A CERTIFICATED SECURITY
THAT IS IN THE POSSESSION OF A SECURED PARTY NOT A FINANCIAL
INTERMEDIARY OR IN AN UNCERTIFICATED SECURITY REGISTERED IN THE
NAME OF A SECURED PARTY NOT A FINANCIAL INTERMEDIARY (OR IN THE
NAME OF A NOMINEE OF THE SECURED PARTY) MAY BE REACHED BY A
CREDITOR BY LEGAL PROCESS ON THE SECURED PARTY.

(4)  THE INTEREST OF A DEBTOR IN A CERTIFICATED SECURITY
THAT IS IN THE POSSESSION OF OR REGISTERED IN THE NAME OF A
FINANCIAL INTERMEDIARY OR IN AN UNCERTIFICATED SECURITY
REGISTERED IN THE NAME OF A FINANCIAL INTERMEDIARY MAY BE REACHED
BY A CREDITOR BY LEGAL PROCESS ON THE FINANCIAL INTERMEDIARY ON
WHOSE BOOKS THE INTEREST OF THE DEBTOR APPEARS.

(5)  UNLESS OTHERWISE PROVIDED BY LAW, A CREDITOR'S LIEN
UPON THE INTEREST OF A DEBTOR IN A SECURITY OBTAINED PURSUANT TO
SUBSECTION (3) OR (4) IS NOT A RESTRAINT ON THE TRANSFER OF THE
SECURITY, FREE OF THE LIEN, TO A THIRD PARTY FOR NEW VALUE; BUT
IN THE EVENT OF A TRANSFER, THE LIEN APPLIES TO THE PROCEEDS OF