HARRY HUGHES, Governor

3733

(7)  "AN APPROPRIATE PERSON" IN SUBSECTION (5) MEANS:

(A)  FOR AN INSTRUCTION TO TRANSFER OR PLEDGE AN
UNCERTIFICATED SECURITY WHICH IS THEN NOT SUBJECT TO A REGISTERED
PLEDGE, THE REGISTERED OWNER; OR

(B)  FOR AN INSTRUCTION TO TRANSFER OR RELEASE AN
UNCERTIFICATED SECURITY WHICH IS THEN SUBJECT TO A REGISTERED
PLEDGE, THE REGISTERED PLEDGEE.

(8)  IN ADDITION TO THE PERSONS DESIGNATED IN SUBSECTIONS
(6) AND (7), "AN APPROPRIATE PERSON" IN SUBSECTIONS (1) AND (5)
INCLUDES:

[(b) Where] (A) IF the person [so specified]

DESIGNATED is described as a fiduciary but is no longer serving

in the described capacity, [--] either that person or his
successor; [or]

[(c) Where] (B) IF the [security or indorsement so
specifies] PERSONS DESIGNATED ARE DESCRIBED AS more than one
person as fiduciaries and one or more are no longer serving in
the described capacity, [--] the remaining fiduciary or
fiduciaries, whether or not a successor has been appointed or
qualified; [or]

[(d) Where] (C) IF the person [so specified]
DESIGNATED is an individual and is without capacity to act by
virtue of death, incompetence, infancy or otherwise, [--] his
executor, administrator, guardian or like fiduciary; [or]

[(e) Where] (D) IF the [security or indorsement so
specifies] PERSONS DESIGNATED ARE DESCRIBED AS more than one
person as tenants by the entirety or with right of survivorship
and by reason of death all cannot sign, [--] the survivor or
survivors; [or]

[(f)] (E) A person having power to sign under
applicable law or controlling instrument; [or] AND

[(g)] (F) To the extent that THE PERSON DESIGNATED OR
any of the foregoing persons may act through an agent, [--] his
authorized agent.

[(4)] (9) Unless otherwise agreed, the indorser OF A
CERTIFICATED SECURITY by his indorsement OR THE ORIGINATOR OF AN
INSTRUCTION BY HIS ORIGINATION assumes no obligation that the
security will be honored by the issuer BUT ONLY THE OBLIGATIONS
PROVIDED IN § 8-306.

[(5) An indorsement purporting to be only of part of a
security representing units intended by the issuer to be
separately transferable is effective to the extent of the
indorsement.]