HARRY HUGHES, Governor

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(b)  The signer was an appropriate person to indorse
(§ 8-308); and

(c)  The signer had legal capacity to sign.

(2)  ANY PERSON GUARANTEEING A SIGNATURE OF THE ORIGINATOR
OF AN INSTRUCTION WARRANTS THAT AT THE TIME OF SIGNING:

(A)  THE SIGNATURE WAS GENUINE;

(B)  THE SIGNER WAS AN APPROPRIATE PERSON TO ORIGINATE
THE INSTRUCTION (§ 8-308) IF THE PERSON SPECIFIED IN THE
INSTRUCTION AS THE REGISTERED OWNER OR REGISTERED PLEDGEE OF THE
UNCERTIFICATED SECURITY WAS, IN FACT, THE REGISTERED OWNER OR
REGISTERED PLEDGEE OF SUCH SECURITY, AS TO WHICH FACT THE
SIGNATURE GUARANTOR MAKES NO WARRANTY;

(C)  THE SIGNER HAD LEGAL CAPACITY TO SIGN; AND

(D)  THE TAXPAYER IDENTIFICATION NUMBER, IF ANY,
APPEARING ON THE INSTRUCTION AS THAT OF THE REGISTERED OWNER OR
REGISTERED PLEDGEE WAS THE TAXPAYER IDENTIFICATION NUMBER OF THE
SIGNER OR OF THE OWNER OR PLEDGEE FOR WHOM THE SIGNER WAS ACTING.

(3)  ANY PERSON SPECIALLY GUARANTEEING THE SIGNATURE OF THE
ORIGINATOR OF AN INSTRUCTION MAKES NOT ONLY THE WARRANTIES OF A
SIGNATURE GUARANTOR (SUBSECTION (2)) BUT ALSO WARRANTS THAT AT
THE TIME THE INSTRUCTION IS PRESENTED TO THE ISSUER:

(A)  THE PERSON SPECIFIED IN THE INSTRUCTION AS THE
REGISTERED OWNER OR REGISTERED PLEDGEE OF THE UNCERTIFICATED
SECURITY WILL BE THE REGISTERED OWNER OR REGISTERED PLEDGEE; AND

(B)  THE TRANSFER, PLEDGE OR RELEASE OF THE
UNCERTIFICATED SECURITY REQUESTED IN THE INSTRUCTION WILL BE
REGISTERED BY THE ISSUER FREE FROM ALL LIENS, SECURITY INTERESTS,
RESTRICTIONS AND CLAIMS OTHER THAN THOSE SPECIFIED IN THE
INSTRUCTION.

(4)   [But the] THE guarantor UNDER SUBSECTIONS (1) AND (2)
OR THE SPECIAL GUARANTOR UNDER SUBSECTION (3) does not otherwise
warrant the rightfulness of the particular transfer, PLEDGE OR
RELEASE.

[(2)] (5) Any person [may guarantee] GUARANTEEING an
indorsement of a CERTIFICATED security [and by so doing warrants
not only the signature (subsection 1)] MAKES NOT ONLY THE
WARRANTIES OF A SIGNATURE GUARANTOR UNDER SUBSECTION (1) but also
WARRANTS the rightfulness of the particular transfer in all
respects.

(6) ANY PERSON GUARANTEEING AN INSTRUCTION REQUESTING THE
TRANSFER, PLEDGE, OR RELEASE OF AN UNCERTIFICATED SECURITY MAKES
NOT ONLY THE WARRANTIES OF A SPECIAL SIGNATURE GUARANTOR UNDER