HARRY HUGHES, Governor

3743

and may refer merely to a quantity of a particular security
without reference to the name of the registered owner,
certificate or bond number or the like and, in appropriate cases,
may be on a net basis taking into account other transfers, [or]
pledges OR RELEASES of the same security.

(3)  A transfer [or pledge] under this section [has the
effect of a delivery of a security in bearer form or duly
endorsed in blank (§ 8-301) representing the amount of the
obligation or the number of shares or rights transferred or
pledged.] IS EFFECTIVE (§ 8-313) AND THE PURCHASER ACQUIRES THE
RIGHTS OF THE TRANSFEROR (§ 8-301). A PLEDGE OR RELEASE UNDER
THIS SECTION IS THE TRANSFER OF A LIMITED INTEREST. If a pledge
or the creation of a security interest is intended, [the making
of the entries has the effect of a taking of delivery by the
pledgee or a secured party (§§ 9-304 and 9-305)] THE SECURITY
INTEREST IS PERFECTED AT THE TIME WHEN BOTH VALUE IS GIVEN BY THE
PLEDGEE AND THE APPROPRIATE ENTRIES ARE MADE (§ 8-321). A
transferee or pledgee under this section [is a holder] MAY BE A
BONA FIDE PURCHASER (§ 8-302).

(4)  A transfer or pledge under this section [does] IS not
[constitute] a registration of transfer under Subtitle 4 [of this
title].

(5)  That entries made on the books of the clearing
corporation as provided in subsection (1) are not appropriate,
does not affect the validity or effect of the entries [nor] OR
the liabilities or obligations of the clearing corporation to any
person adversely affected thereby.

8-321.

(1)  A SECURITY INTEREST IN A SECURITY IS ENFORCEABLE AND
CAN ATTACH ONLY IF IT IS TRANSFERRED TO THE SECURED PARTY OR A
PERSON DESIGNATED BY HIM PURSUANT TO A PROVISION OF § 8-313(1).

(2)  A SECURITY INTEREST SO TRANSFERRED PURSUANT TO
AGREEMENT BY A TRANSFEROR WHO HAS RIGHTS IN THE SECURITY TO A
TRANSFEREE WHO HAS GIVEN VALUE IS A PERFECTED SECURITY INTEREST,
BUT A SECURITY INTEREST THAT HAS BEEN TRANSFERRED SOLELY UNDER
PARAGRAPH (I) OF § 8-313(1) BECOMES UNPERFECTED AFTER 21 DAYS
UNLESS, WITHIN THAT TIME, THE REQUIREMENTS FOR TRANSFER UNDER ANY
OTHER PROVISION OF § 8-313(1) ARE SATISFIED.

(3)  A SECURITY INTEREST IN A SECURITY IS SUBJECT TO THE
PROVISIONS OF TITLE 9, BUT:

(A)  NO FILING IS REQUIRED TO PERFECT THE SECURITY
INTEREST; AND

(B)  NO WRITTEN SECURITY AGREEMENT SIGNED BY THE
DEBTOR IS NECESSARY TO MAKE THE SECURITY INTEREST ENFORCEABLE,
EXCEPT AS OTHERWISE PROVIDED IN PARAGRAPH (H), (I), OR (J) OF §
8-313(1). THE SECURED PARTY HAS THE RIGHTS AND DUTIES PROVIDED