{"data":{"id":"us-md/md.-code-commercial-law-8-401","jurisdiction":"us-md","citation":"Md. Code, Commercial Law § 8–401","heading":"","body":"(a) 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, the issuer shall register the transfer as requested if:\n(1) Under the terms of the security the person seeking registration of transfer is eligible to have the security registered in its name;\n(2) The indorsement or instruction is made by the appropriate person or by an agent who has actual authority to act on behalf of the appropriate person;\n(3) Reasonable assurance is given that the indorsement or instruction is genuine and authorized (§ 8-402 of this subtitle);\n(4) Any applicable law relating to the collection of taxes has been complied with;\n(5) The transfer does not violate any restriction on transfer imposed by the issuer in accordance with § 8-204 of this title;\n(6) A demand that the issuer not register transfer has not become effective under § 8-403 of this subtitle, or the issuer has complied with § 8-403(b) of this subtitle but no legal process or indemnity bond is obtained as provided in § 8-403(d) of this subtitle; and\n(7) The transfer is in fact rightful or is to a protected purchaser.\n(b) If an issuer is under a duty to register a transfer of a security, the issuer is liable to a person presenting a certificated security or an instruction for registration or to the person's principal for loss resulting from unreasonable delay in registration or failure or refusal to register the transfer.","path":["Article - Commercial Law"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gcl\u0026section=8-401","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:56:33Z","sha256":"967a12ab6afa6eaf307aba99dc676309346d58c4c300ed082aaf21970c30575f","source_id":"us-md","stale":false,"prev":"us-md/md.-code-commercial-law-8-307","next":"us-md/md.-code-commercial-law-8-402"},"notice":"GroundRules: Original legal text. Not legal advice."}