PARRIS N. GLENDENING, Governor                               Ch. 92

(12)    "INSTRUCTION" MEANS A NOTIFICATION COMMUNICATED TO THE
ISSUER OF AN UNCERTIFICATED SECURITY WHICH DIRECTS THAT THE TRANSFER
OF THE SECURITY BE REGISTERED OR THAT THE SECURITY BE REDEEMED.

(13)    "REGISTERED FORM", AS APPLIED TO A CERTIFICATED SECURITY,
MEANS A FORM IN WHICH:

(I)      THE SECURITY CERTIFICATE SPECIFIES A PERSON ENTITLED
TO THE SECURITY; AND

(II)    A TRANSFER OF THE SECURITY MAY BE REGISTERED UPON
BOOKS MAINTAINED FOR THAT PURPOSE BY OR ON BEHALF OF THE ISSUER, OR THE
SECURITY CERTIFICATE SO STATES.

(14)    "SECURITIES INTERMEDIARY" MEANS:

(I)      A CLEARING CORPORATION; OR

(II)    A PERSON, INCLUDING A BANK OR BROKER, THAT IN THE
ORDINARY COURSE OF ITS BUSINESS MAINTAINS SECURITIES ACCOUNTS FOR
OTHERS AND IS ACTING IN THAT CAPACITY.

(15)    "SECURITY", EXCEPT AS OTHERWISE PROVIDED IN § 8-103 OF THIS
SUBTITLE, MEANS AN OBLIGATION OF AN ISSUER OR A SHARE, PARTICIPATION, OR
OTHER INTEREST IN AN ISSUER OR IN PROPERTY OR AN ENTERPRISE OF AN ISSUER:

(I)      WHICH IS REPRESENTED BY A SECURITY CERTIFICATE IN
BEARER OR REGISTERED FORM, OR THE TRANSFER OF WHICH MAY BE REGISTERED
UPON BOOKS MAINTAINED FOR THAT PURPOSE BY OR ON BEHALF OF THE ISSUER;

(II)     WHICH IS ONE OF A CLASS OR SERIES OR BY ITS TERMS IS
DIVISIBLE INTO A CLASS OR SERIES OF SHARES, PARTICIPATIONS, INTERESTS, OR
OBLIGATIONS; AND

(III) WHICH:

1.       IS, OR IS OF A TYPE, DEALT IN OR TRADED ON
SECURITIES EXCHANGES OR SECURITIES MARKETS; OR

2.       IS A MEDIUM FOR INVESTMENT AND BY ITS TERMS
EXPRESSLY PROVIDES THAT IT IS A SECURITY GOVERNED BY THIS TITLE

(16)    "SECURITY CERTIFICATE" MEANS A CERTIFICATE REPRESENTING A
SECURITY.

(17)    "SECURITY ENTITLEMENT" MEANS THE RIGHTS AND PROPERTY
INTEREST OF AN ENTITLEMENT HOLDER WITH RESPECT TO A FINANCIAL ASSET
SPECIFIED IN SUBTITLE 5 OF THIS TITLE

(18)    "UNCERTIFICATED SECURITY" MEANS A SECURITY THAT IS NOT
REPRESENTED BY A CERTIFICATE

(B) OTHER DEFINITIONS APPLYING TO THIS TITLE AND THE SECTIONS IN
THIS TITLE IN WHICH THEY APPEAR ARE:

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