S.B. 727                                                        VETOES

(H) "REGISTERING ENTITY" MEANS A PERSON WHO ORIGINATES OR
TRANSFERS A SECURITY TITLE BY REGISTRATION, AND INCLUDES A BROKER
MAINTAINING SECURITY ACCOUNTS FOR CUSTOMERS AND A TRANSFER AGENT OR
OTHER PERSON ACTING FOR OR AS AN ISSUER OF SECURITIES.

(I) "SECURITY" MEANS A SHARE, PARTICIPATION, OR OTHER INTEREST IN
PROPERTY, IN A BUSINESS, OR IN AN OBLIGATION OF AN ENTERPRISE OR OTHER
ISSUER, AND INCLUDES A CERTIFICATED SECURITY, AN UNCERTIFICATED
SECURITY, AND A SECURITY ACCOUNT.

(J) (1) "SECURITY ACCOUNT" MEANS (I) A REINVESTMENT ACCOUNT
ASSOCIATED WITH A SECURITY, A SECURITIES ACCOUNT WITH A BROKER, A CASH
BALANCE IN A BROKERAGE ACCOUNT, CASH, INTEREST, EARNINGS, OR DIVIDENDS
EARNED OR DECLARED ON A SECURITY IN AN ACCOUNT, A REINVESTMENT
ACCOUNT, OR A BROKERAGE ACCOUNT, WHETHER OR NOT CREDITED TO THE
ACCOUNT BEFORE THE OWNER'S DEATH, OR (II) A CASH BALANCE OR OTHER
PROPERTY HELD FOR OR DUE TO THE OWNER OF SECURITY AS A REPLACEMENT
FOR OR PRODUCT OF AN ACCOUNT SECURITY, WHETHER OR NOT CREDITED TO THE .
ACCOUNT BEFORE THE OWNER'S DEATH.

(2) "SECURITY ACCOUNT" DOES NOT INCLUDE AN ACCOUNT AS
DEFINED IN § 1-204(B)(2) OF THE FINANCIAL INSTITUTIONS ARTICLE.

16-102. REGISTRATION IN BENEFICIARY FORM; SOLE OR JOINT TENANCY
OWNERSHIP.

ONLY INDIVIDUALS WHOSE REGISTRATION OF A SECURITY SHOWS SOLE
OWNERSHIP BY ONE INDIVIDUAL OR MULTIPLE OWNERSHIP BY TWO OR MORE
WITH RIGHT OF SURVIVORSHIP, RATHER THAN AS TENANTS IN COMMON, MAY
OBTAIN REGISTRATION IN BENEFICIARY FORM. MULTIPLE OWNERS OF A SECURITY
REGISTERED IN BENEFICIARY FORM HOLD AS JOINT TENANTS WITH RIGHT OF
SURVIVORSHIP, AS TENANTS BY THE ENTIRETIES, OR AS OWNERS OF COMMUNITY
PROPERTY HELD IN SURVIVORSHIP FORM, AND NOT AS TENANTS IN COMMON.

16-103. REGISTRATION IN BENEFICIARY FORM; APPLICABLE LAW.

A SECURITY MAY BE REGISTERED IN BENEFICIARY FORM IF THE FORM IS
AUTHORIZED BY THIS OR A SIMILAR STATUTE OF THE STATE OF ORGANIZATION OF
THE ISSUER OR REGISTERING ENTITY, THE LOCATION OF THE REGISTERING
ENTITY'S PRINCIPAL OFFICE, THE OFFICE OF ITS TRANSFER AGENT OR ITS OFFICE
MAKING THE REGISTRATION, OR BY THIS OR A SIMILAR STATUTE OF THE LAW OF
THE STATE LISTED AS THE OWNER'S ADDRESS AT THE TIME OF REGISTRATION. A
REGISTRATION GOVERNED BY THE LAW OF A JURISDICTION IN WHICH THIS OR
SIMILAR LEGISLATION IS. NOT IN FORCE OR WAS NOT IN FORCE WHEN A
REGISTRATION IN BENEFICIARY FORM WAS MADE IS NEVERTHELESS PRESUMED TO
BE VALID AND AUTHORIZED AS A MATTER OF CONTRACT LAW.

16-104. ORIGINATION OF. REGISTRATION IN BENEFICIARY FORM.

- 3752 -