HARRY HUGHES, Governor

2751

receives notification of the secured party's interest. A security
interest is perfected by possession from the time possession is
taken without relation back and continues only so long as
possession is retained, unless otherwise specified in this title.
The security interest may be otherwise perfected as provided in
this title before or after the period of possession by the
secured party.

9-309.

Nothing in this title limits the rights of a holder in due
course of a negotiable instrument (§ 3-302) or a holder to whom a
negotiable document of title has been duly negotiated (§ 7-501)
or a bona fide purchaser of a security (§ [8-301] 8-302) and such
holders or purchasers take priority over an earlier security
interest even though perfected. Filing under this title does not
constitute notice of the security interest to such holders or
purchasers.

9-312.

(7) If future advances are made while a security interest
is perfected by filing [or], the taking of possession, OR UNDER §
8-321 ON SECURITIES, the security interest has the same priority
for the purposes of subsection (5) with respect to the future
advances as it does with respect to the first advance. If a
commitment is made before or while the security interest is so
perfected, the security interest has the same priority with
respect to advances made pursuant thereto. In other cases, a
perfected security interest has priority from the date the
advance is made.

Article - Corporations and Associations

2-210.

(a)  Except as provided in [subsection] SUBSECTIONS (B) AND
(C) of this section, each stockholder is entitled to stock
certificates which represent and certify the shares of stock he
holds in the corporation.

(b)  A stock certificate may not be issued until the stock
represented by it is full paid, except in the case of stock
purchased under a plan, agreement, or transaction as provided by
§ 2-207 of this subtitle.

(C) UNLESS THE CHARTER OR BYLAWS PROVIDE OTHERWISE, THE
BOARD OF DIRECTORS OF A CORPORATION MAY AUTHORIZE THE ISSUE OF
SOME OR ALL OF THE SHARES OF ANY OR ALL OF ITS CLASSES OR SERIES
WITHOUT CERTIFICATES. THE AUTHORIZATION DOES NOT AFFECT SHARES
ALREADY REPRESENTED BY CERTIFICATES UNTIL THEY ARE SURRENDERED TO
THE CORPORATION. AT THE TIME OF ISSUE OR TRANSFER OF SHARES
WITHOUT CERTIFICATES, THE CORPORATION SHALL SEND THE STOCKHOLDER
A WRITTEN STATEMENT OF THE INFORMATION REQUIRED ON CERTIFICATES