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§ 15-303. Transfer of security pursuant to assignment by fiduciary

West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2019

West's Annotated Code of Maryland
Estates and Trusts (Refs & Annos)
Title 15. Fiduciaries (Refs & Annos)
Subtitle 3. Maryland Uniform Act for the Simplification of Fiduciary Security Transfers (Refs & Annos)
Effective: October 1, 2019
MD Code, Estates and Trusts, § 15-303
§ 15-303. Transfer of security pursuant to assignment by fiduciary
Currentness
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:
(1) May assume without inquiry that the assignment, even though to the fiduciary or to a nominee of the fiduciary, is within the authority and capacity of the fiduciary and is not in breach of the duties of the fiduciary;
(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
(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.

Credits

Added by Acts 1974, c. 11, § 2, eff. July 1, 1974. Amended by Acts 1996, c. 10, § 1, eff. April 9, 1996; Acts 2019, c. 197, § 1, eff. Oct. 1, 2019.
Formerly Art. 37A, § 17.
MD Code, Estates and Trusts, § 15-303, MD EST & TRST § 15-303
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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