Maryland § 8-401

§ 8-401.

    (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:

        (1)    Under the terms of the security the person seeking registration of transfer is eligible to have the security registered in its name;

        (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;

        (3)    Reasonable assurance is given that the indorsement or instruction is genuine and authorized (§ 8-402 of this subtitle);

        (4)    Any applicable law relating to the collection of taxes has been complied with;

        (5)    The transfer does not violate any restriction on transfer imposed by the issuer in accordance with § 8-204 of this title;

        (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

        (7)    The transfer is in fact rightful or is to a protected purchaser.

    (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.