2740

LAWS OF MARYLAND

Ch. 720

SUBSECTION (4) OF § 8-403) TO WHICH THE UNCERTIFICATED SECURITY
WAS SUBJECT;

(C)  DELIVER THE CERTIFICATED SECURITY TO THE
REGISTERED OWNER; AND

(D)  NOTIFY THE INTENDED REGISTERED PLEDGEE THAT THE
ISSUER HAS SO ELECTED.

8-402.

(1)  The issuer may require the following assurance that
each necessary indorsement OF A CERTIFICATED SECURITY OR EACH
INSTRUCTION (§ 8-308) is genuine and effective:

(a)  In all cases, a guarantee of the signature
([subsection (1) of] § 8-312 (1) OR (2)) of the person indorsing
A CERTIFICATED SECURITY OR ORIGINATING AN INSTRUCTION INCLUDING,
IN THE CASE OF AN INSTRUCTION, A WARRANTY OF THE TAXPAYER
IDENTIFICATION NUMBER OR, IN THE ABSENCE THEREOF, OTHER
REASONABLE ASSURANCE OF IDENTITY; [and]

(b)   [Where] IF the indorsement is MADE OR THE
INSTRUCTION IS ORIGINATED by an agent, appropriate assurance of
authority to sign;

(c)   [Where] IF the indorsement is MADE OR THE
INSTRUCTION IS ORIGINATED by a fiduciary, appropriate evidence of
appointment or incumbency;

(d)   [Where] IF there is more than one fiduciary,
reasonable assurance that all who are required to sign have done
so; AND

(e)   [Where] IF the indorsement is MADE OR THE
INSTRUCTION IS ORIGINATED by a person not covered by any of the
foregoing, assurance appropriate to the case corresponding as
nearly as may be to the foregoing.

(2)  A "guarantee of the signature" in subsection (1) means
a guarantee signed by or on behalf of a person reasonably
believed by the issuer to be responsible. The issuer may adopt
standards with respect to responsibility [provided such
standards] IF THEY are not manifestly unreasonable.

(3)  "Appropriate evidence of appointment or incumbency" in

subsection (1) means

(a) In the case of a fiduciary appointed or qualified
by a court, a certificate issued by or under the direction or
supervision of that court or an officer thereof and dated within
[sixty] 60 days before the date of presentation for transfer,

PLEDGE OR RELEASE; or