Ch. 92

1996 LAWS OF MARYLAND

(3)     IF THE INDORSEMENT IS MADE OR THE INSTRUCTION IS
ORIGINATED BY A FIDUCIARY IN ACCORDANCE WITH § 8-107(A)(4) OR (5) OF THIS
TITLE, APPROPRIATE EVIDENCE OF APPOINTMENT OR INCUMBENCY;

(4)     IF THERE IS MORE THAN ONE FIDUCIARY, REASONABLE
ASSURANCE THAT ALL WHO ARE REQUIRED TO SIGN HAVE DONE SO; AND

(5)     IF THE INDORSEMENT IS MADE OR THE INSTRUCTION IS
ORIGINATED BY A PERSON NOT COVERED BY ANOTHER PROVISION OF THIS
SUBSECTION, ASSURANCE APPROPRIATE TO THE CASE CORRESPONDING AS NEARLY
AS MAY BE TO THE PROVISIONS OF THIS SUBSECTION.

(B)     AN ISSUER MAY ELECT TO REQUIRE REASONABLE ASSURANCE BEYOND
THAT SPECIFIED IN THIS SECTION.

(C)     IN THIS SECTION:

(1)     "GUARANTY OF THE SIGNATURE" MEANS A GUARANTY SIGNED BY
OR ON BEHALF OF A PERSON REASONABLY BELIEVED BY THE ISSUER TO BE
RESPONSIBLE AN ISSUER MAY ADOPT STANDARDS WITH RESPECT TO
RESPONSIBILITY IF THEY ARE NOT MANIFESTLY UNREASONABLE.

(2)     "APPROPRIATE EVIDENCE OF APPOINTMENT OR INCUMBENCY"

MEANS:

(I)      IN THE CASE OF A FIDUCIARY APPOINTED OR QUALIFIED BY A
COURT, A CERTIFICATE ISSUED BY OR UNDER THE DIRECTION OR SUPERVISION OF
THE COURT OR AN OFFICER THEREOF AND DATED WITHIN 60 DAYS BEFORE THE
DATE OF PRESENTATION FOR TRANSFER; OR

(II)     IN ANY OTHER CASE, A COPY OF A DOCUMENT SHOWING THE
APPOINTMENT OR A CERTIFICATE ISSUED BY OR ON BEHALF OF A PERSON
REASONABLY BELIEVED BY AN ISSUER TO BE RESPONSIBLE OR, IN THE ABSENCE OF
THAT DOCUMENT OR CERTIFICATE, OTHER EVIDENCE THE ISSUER REASONABLY
CONSIDERED APPROPRIATE.

8-403.

(A)    A PERSON WHO IS AN APPROPRIATE PERSON TO MAKE AN INDORSEMENT
OR ORIGINATE AN INSTRUCTION MAY DEMAND THAT THE ISSUER NOT REGISTER
TRANSFER OF A SECURITY BY COMMUNICATING TO THE ISSUER A NOTIFICATION
THAT IDENTIFIES THE REGISTERED OWNER AND THE ISSUE OF WHICH THE
SECURITY IS A PART AND PROVIDES AN ADDRESS FOR COMMUNICATIONS
DIRECTED TO THE PERSON MAKING THE DEMAND. THE DEMAND IS EFFECTIVE
ONLY IF IT IS RECEIVED BY THE ISSUER AT A TIME AND IN A MANNER AFFORDING
THE ISSUER REASONABLE OPPORTUNITY TO ACT ON IT.

(B)     IF A CERTIFICATED SECURITY IN REGISTERED FORM IS PRESENTED TO
AN ISSUER WITH A REQUEST TO REGISTER TRANSFER OR AN INSTRUCTION IS
PRESENTED TO AN ISSUER WITH A REQUEST TO REGISTER TRANSFER OF AN
UNCERTIFICATED SECURITY AFTER A DEMAND THAT THE ISSUER NOT REGISTER
TRANSFER HAS BECOME EFFECTIVE, THE ISSUER SHALL PROMPTLY COMMUNICATE

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