{"data":{"id":"us-md/md.-code-commercial-law-8-304","jurisdiction":"us-md","citation":"Md. Code, Commercial Law § 8–304","heading":"","body":"(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.\n(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.\n(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.\n(d) If a security certificate in registered form has been delivered to a purchaser without a necessary indorsement, the purchaser may become a protected purchaser only when the indorsement is supplied. However, against a transferor, a transfer is complete upon delivery and the purchaser has a specifically enforceable right to have any necessary indorsement supplied.\n(e) An indorsement of a security certificate in bearer form may give notice of an adverse claim to the certificate, but it does not otherwise affect a right to registration that the holder possesses.\n(f) Unless otherwise agreed, a person making an indorsement assumes only the obligations provided in § 8-108 of this title and not an obligation that the security will be honored by the issuer.","path":["Article - Commercial Law"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gcl\u0026section=8-304","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:56:33Z","sha256":"93fc5866397dca1b365f0574dc6548be6851c058b4846484c57448558e97d6f1","source_id":"us-md","stale":false,"prev":"us-md/md.-code-commercial-law-8-303","next":"us-md/md.-code-commercial-law-8-305"},"notice":"GroundRules: Original legal text. Not legal advice."}