HARRY HUGHES, Governor                                      3739

(I)   [by placing the] PLACES A CERTIFICATED
security [or a like security] in the possession of the buying
broker or a person designated by [him or] THE BUYING BROKER;

(II)  CAUSES AN UNCERTIFICATED SECURITY TO BE
REGISTERED IN THE NAME OF THE BUYING BROKER OR OF A PERSON
DESIGNATED BY THE BUYING BROKER;

(III)  PLACES IN THE POSSESSION OF THE BUYING
BROKER OR OF A PERSON DESIGNATED BY THE BUYING BROKER A TRANSFER
INSTRUCTION FOR AN UNCERTIFICATED SECURITY, PROVIDING THE ISSUER.
DOES NOT REFUSE TO REGISTER THE REQUESTED TRANSFER IF THE
INSTRUCTION IS PRESENTED TO THE ISSUER FOR REGISTRATION WITHIN 30
DAYS THEREAFTER; OR

(IV)    [by effecting] EFFECTS clearance of the
sale in accordance with the rules of the exchange on which the
transaction took place.

(2)  Except as [otherwise] provided in this section and
unless otherwise agreed, a transferor's duty to [deliver]'
TRANSFER a security under a contract of purchase is not fulfilled
until he:

(A)   [places the] PLACES A CERTIFICATED security in
form to be negotiated by the purchaser in the possession of the
purchaser or of a person designated by THE PURCHASER; [him or]

(B)  CAUSES AN UNCERTIFICATED SECURITY TO BE
REGISTERED IN THE NAME OF THE PURCHASER OR A PERSON DESIGNATED BY
THE PURCHASER; OR

(C)   [at the purchaser's request] IF THE PURCHASER
REQUESTS, causes an acknowledgment to be made to the purchaser
that [it] A CERTIFICATED OR UNCERTIFICATED SECURITY is held for
[him] THE PURCHASER.

(3)  Unless made on an exchange a sale to a broker
purchasing for his own account is within [this] subsection (2)
and not within subsection (1).

8-315.

(1) Any person against whom the transfer of a security is
wrongful for any reason, including his incapacity, [may] AS
against anyone except a bona fide purchaser, MAY:

(A)   [reclaim] RECLAIM possession of the CERTIFICATED
security WRONGFULLY TRANSFERRED; [or]

(B)   [obtain] OBTAIN possession of any new
CERTIFICATED security [evidencing] REPRESENTING all or part of
the same rights; [or]