Ch. 92

1996 LAWS OF MARYLAND

ON BEHALF OF THE PURCHASER OR, HAVING PREVIOUSLY BECOME THE
REGISTERED OWNER, ACKNOWLEDGES THAT IT HOLDS FOR THE PURCHASER.

8-302.

(A)    EXCEPT AS OTHERWISE PROVIDED IN SUBSECTIONS (B) AND (C) OF THIS
SECTION, UPON DELIVERY OF A CERTIFICATED OR UNCERTIFICATED SECURITY TO
A PURCHASER, THE PURCHASER ACQUIRES ALL RIGHTS IN THE SECURITY THAT
THE TRANSFEROR HAD OR HAD POWER TO TRANSFER

(B)     A PURCHASER OF A LIMITED INTEREST ACQUIRES RIGHTS ONLY TO THE
EXTENT OF THE INTEREST PURCHASED.

(C)     A PURCHASER OF A CERTIFICATED SECURITY WHO AS A PREVIOUS
HOLDER HAD NOTICE OF AN ADVERSE CLAIM DOES NOT IMPROVE ITS POSITION BY
TAKING FROM A PROTECTED PURCHASER

8-303.

(A)     "PROTECTED PURCHASER" MEANS A PURCHASER OF A CERTIFICATED
OR UNCERTIFICATED SECURITY, OR OF AN INTEREST IN A CERTIFICATED OR
UNCERTIFICATED SECURITY, WHO:

(1)     GIVES VALUE;

(2)     DOES NOT HAVE NOTICE OF ANY ADVERSE CLAIM TO THE
SECURITY; AND

(3)     OBTAINS CONTROL OF THE CERTIFICATED OR UNCERTIFICATED
SECURITY.

(B)     IN ADDITION TO ACQUIRING THE RIGHTS OF A PURCHASER, A
PROTECTED PURCHASER ALSO ACQUIRES ITS INTEREST IN THE SECURITY FREE OF
ANY ADVERSE CLAIM.

8-304.

(A)    AN INDORSEMENT MAY BE IN BLANK OR SPECIAL AN INDORSEMENT IN
BLANK INCLUDES AN INDORSEMENT TO BEARER. A SPECIAL INDORSEMENT
SPECIFIES TO WHOM A SECURITY IS TO BE TRANSFERRED OR WHO HAS POWER TO
TRANSFER IT. A HOLDER MAY CONVERT A BLANK INDORSEMENT TO A SPECIAL
INDORSEMENT.

(B)     AN INDORSEMENT PURPORTING TO BE ONLY OF PART OF A SECURITY
CERTIFICATE REPRESENTING UNITS INTENDED BY THE ISSUER TO BE SEPARATELY
TRANSFERABLE IS EFFECTIVE TO THE EXTENT OF THE INDORSEMENT.

(C)     AN INDORSEMENT, WHETHER SPECIAL OR IN BLANK, DOES NOT
CONSTITUTE A TRANSFER UNTIL DELIVERY OF THE CERTIFICATE ON WHICH IT
APPEARS OR, IF THE INDORSEMENT IS ON A SEPARATE DOCUMENT, UNTIL
DELIVERY OF BOTH THE DOCUMENT AND THE CERTIFICATE.

(D)    IF A SECURITY CERTIFICATE IN REGISTERED FORM HAS BEEN
DELIVERED TO A PURCHASER WITHOUT A NECESSARY INDORSEMENT, THE

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