{"data":{"id":"us-md/md.-code-commercial-law-8-102","jurisdiction":"us-md","citation":"Md. Code, Commercial Law § 8–102","heading":"","body":"(a) In this title:\n(1) “Adverse claim” means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer, or deal with the financial asset.\n(2) “Bearer form”, as applied to a certificated security, means a form in which the security is payable to the bearer of the security certificate according to its terms but not by reason of an indorsement.\n(3) “Broker” means a person defined as a broker or dealer under the federal securities laws, but without excluding a bank acting in that capacity.\n(4) “Certificated security” means a security that is represented by a certificate.\n(5) “Clearing corporation” means:\n(i) A person that is registered as a “clearing agency” under the federal securities laws;\n(ii) A Federal Reserve bank; or\n(iii) Any other person that provides clearance or settlement services with respect to financial assets that would require it to register as a clearing agency under the federal securities laws but for an exclusion or exemption from the registration requirement, if its activities as a clearing corporation, including promulgation of rules, are subject to regulation by a federal or state governmental authority.\n(6) “Communicate” means to:\n(i) Send a signed writing; or\n(ii) Transmit information by any mechanism agreed upon by the persons transmitting and receiving the information.\n(7) “Entitlement holder” means a person identified in the records of a securities intermediary as the person having a security entitlement against the securities intermediary. If a person acquires a security entitlement by virtue of § 8–501(b)(2) or (3) of this title, that person is the entitlement holder.\n(8) “Entitlement order” means a notification communicated to a securities intermediary directing transfer or redemption of a financial asset to which the entitlement holder has a security entitlement.\n(9) (i) “Financial asset”, except as otherwise provided in § 8–103 of this subtitle, means:\n1. A security;\n2. An obligation of a person or a share, participation, or other interest in a person or in property or an enterprise of a person, which is, or is of a type, dealt in or traded on financial markets, or which is recognized in any area in which it is issued or dealt in as a medium for investment; or\n3. Any property that is held by a securities intermediary for another person in a securities account if the securities intermediary has expressly agreed with the other person that the property is to be treated as a financial asset under this title.\n(ii) As context requires, the term means either the interest itself or the means by which a person’s claim to it is evidenced, including a certificated or uncertificated security, a security certificate, or a security entitlement.\n(10) Reserved.\n(11) “Indorsement” means a signature that alone or accompanied by other words is made on a security certificate in registered form or on a separate document for the purpose of assigning, transferring, or redeeming the security or granting a power to assign, transfer, or redeem it.\n(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.\n(13) “Registered form”, as applied to a certificated security, means a form in which:\n(i) The security certificate specifies a person entitled to the security; and\n(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.\n(14) “Securities intermediary” means:\n(i) A clearing corporation; or\n(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.\n(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:\n(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;\n(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\n(iii) Which:\n1. Is, or is of a type, dealt in or traded on securities exchanges or securities markets; or\n2. Is a medium for investment and by its terms expressly provides that it is a security governed by this title.\n(16) “Security certificate” means a certificate representing a security.\n(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.\n(18) “Uncertificated security” means a security that is not represented by a certificate.\n(b) Other definitions applying to this title and the sections in this title in which they appear are: Appropriate person …………………….……………….§ 8–107 Control ........................................................................§ 8–106 Delivery ......................................................................§ 8–301 Investment company security ...................................§ 8–103 Issuer ..........................................................................§ 8–201 Overissue ....................................................................§ 8–210 Protected purchaser ...................................................§ 8–303 Securities account ......................................................§ 8–501\n(c) In addition, Title 1 contains general definitions and principles of construction and interpretation applicable throughout this title.\n(d) The characterization of a person, business, or transaction for purposes of this title does not determine the characterization of the person, business, or transaction for purposes of any other law, regulation, or rule.","path":["Article - Commercial Law"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gcl\u0026section=8-102","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:56:33Z","sha256":"e29ca7c5a90f451c09d89a5d39cb4e1aaaff3d6160292aa5c2dbbb628bea1b03","source_id":"us-md","stale":false,"prev":"us-md/md.-code-commercial-law-8-101","next":"us-md/md.-code-commercial-law-8-103"},"notice":"GroundRules: Original legal text. Not legal advice."}