PARRIS N. GLENDENING, Governor
Ch. 92
CHAPTER 92
(Senate Bill 44)
AN ACT concerning
Uniform Commercial Code - Investment Securities - Revision of Title 8
FOR the purpose of revising, reorganizing, and clarifying the commercial laws of the
State pertaining to investment securities; clarifying certain provisions concerning
the direct holding system of investment securities; establishing rules concerning the
indirect holding system of investment securities; clarifying certain provisions
concerning defenses raised by issuers of securities held directly against subsequent
purchasers; clarifying the process of registration of transfer by the issuer or transfer
agent of a security held directly; revising the rules protecting purchasers of
securities held directly against adverse claims; clarifying certain provisions
concerning uncertificated securities; establishing the rights and property interest of
a person who holds a security through an intermediary; establishing certain financial
requirements for securities intermediaries; establishing rules for the creation and
perfection of security interests in directly and indirectly held investment securities;
repealing, amending, and adding certain definitions; and generally relating to
investment securities under the Uniform Commercial Code.
BY repealing
Article - Commercial Law
Section 8-101 through 8-408, inclusive, and the title "Title 8. Investment
Securities"
Annotated Code of Maryland
(1992 Replacement Volume and 1995 Supplement)
BY adding to
Article - Commercial Law
Section 8-101 through 8-511, inclusive, to be under the new title "Title 8.
Investment Securities"; 9-115 and 9-116
Annotated Code of Maryland
(1992 Replacement Volume and 1995 Supplement)
BY repealing and reenacting, with amendments,
Article - Commercial Law
Section 1-105(2), 1-206, 5-114(2), 9-103(6), 9-105(1)(h) and (i), (2), and (3),
9-106, 9-203(1), 9-301(1), 9-302(1), 9-304, 9-305, 9-306(1) through (3),
9-309, 9-312(1) and (7), and 10-104
Annotated Code of Maryland
(1992 Replacement Volume and 1995 Supplement)
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