Ch. 10

1996 LAWS OF MARYLAND

14-406.

(b) Upon termination of a trust, the trustee shall transfer the unexpended trust
property:

(2) If there is no designation, in the following order:

(i) To the transferor, if living; [or]

DRAFTER'S NOTE:

Error: Extraneous conjunction in § 14-406(b)(2)(i) of the Estates and Trusts
Article.

Occurred: Ch. 418, Acts of 1994.
15-303.

Except as otherwise provided in this subtitle, a corporation or transfer agent making
a transfer of a security pursuant to an assignment by a [fiduciary] FIDUCIARY:

[(a)](1) May assume without inquiry that the assignment, even though to the
fiduciary himself or to his nominee, is within his authority and capacity and is not in
breach of his fiduciary duties;

[(b)] (2) May assume without inquiry that the fiduciary has complied with any
controlling instrument and with the law of the jurisdiction governing the fiduciary
relationship, including any law requiring the fiduciary to obtain court. approval of the
transfer; and

[(c)] (3) Is not charged with notice of and is not bound to obtain or examine any
court record or any recorded or unrecorded document relating to the fiduciary
relationship or the assignment, even though the record or document is in its possession.

DRAFTER'S NOTE:

Error: Omitted colon and stylistic errors in § 15-303 of the Estates and
Trusts Article.

Occurred: Ch. 11, Acts of 1974.
15-304.

A corporation or transfer agent making a transfer pursuant to an assignment by a
fiduciary who is not the registered owner shall obtain the following evidence of
appointment or incumbency:

[(a)](1) In the case of a fiduciary appointed or qualified by a court, a certificate
issued by or under the direction or supervision of that court or an officer thereof and
dated within 60 days before the transfer; or

[(b)] (2) 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 the corporation or
transfer agent to be responsible or, in the absence of such a document or certificate, other
evidence reasonably deemed by the corporation or transfer agent to be appropriate.

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