WILLIAM DONALD SCHAEFER, Governor Ch. 550
8-102.

(1) In this title unless the context otherwise requires:

(b)  An "uncertificated security" is a share,
participation, or other interest in property or an enterprise of
the issuer or an obligation of the issuer which is:

(i) Not represented by an instrument and the
transfer of which is registered on books maintained for that
purpose by or on behalf of the issuer;

(ii) Of a type commonly dealt in on securities
exchanges or markets; [and]

(iii) Either 1 of a class or series or by its
terms divisible into a class or series of shares,
participations, interest or obligations; AND

(IV) NOT A GENERAL OR LIMITED PARTNERSHIP
INTEREST IN A GENERAL OR LIMITED PARTNERSHIP.

(c)  A "security" is either a certificated or an
uncertificated security. If a security is certificated, the terms
"security" and "certificated security" may mean either the
intangible interest, the instrument representing that interest,
or both, as the context requires. A writing that is a
certificated security is governed by this title and not by Title
3, even though it also meets the requirements of that title. This
title does not apply to money. THIS TITLE DOES APPLY TO GENERAL
AND LIMITED PARTNERSHIP INTERESTS, BUT ONLY TO THE EXTENT SUCH
GENERAL AND LIMITED PARTNERSHIP INTERESTS CONSTITUTE CERTIFICATED
SECURITIES UNDER SUBSECTION (1)(A) OF THIS SECTION. If a
certificated security has been retained by, or surrendered to,
the issuer or its transfer agent for reasons other than
registration of transfer, other temporary purpose, payment,
exchange or acquisition by the issuer, that security shall be
treated as an uncertificated security for purposes of this title.

9-103.

(3) (a) This subsection applies to accounts (other than an
account described in subsection (5) on minerals) and general
intangibles (other than uncertificated securities AS DEFINED IN §
8-102) and to goods which are mobile and which are of a type
normally used in more than one jurisdiction, such as motor
vehicles, trailers, rolling stock, airplanes, shipping
containers, road building and construction machinery and
commercial harvesting machinery and the like, if the goods are
equipment or are inventory leased or held for lease by the debtor
to others, and are not covered by a certificate of title
described in subsection (2).

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