reglab/housing_qa huggingface dataset:
MD. Commercial Law Code Ann. §  8-107 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 1 - Short Title and General Matters|Section 8-107 - Whether Indorsement, Instruction, or Entitlement Order Is Effective

    (a)    “Appropriate person” means:        (1)    With respect to an indorsement, the person specified by a security certificate or by an effective special indorsement to be entitled to the security;        (2)    With respect to an instruction, the registered owner of an uncertificated security;        (3)    With respect to an entitlement order, the entitlement holder;        (4)    If the person designated in paragraph (1), (2), or (3) of this subsection is deceased, the designated person's successor taking under other law or the designated person's personal representative acting for the estate of the decedent; or        (5)    If the person designated in paragraph (1), (2), or (3) of this subsection lacks capacity, the designated person's guardian, conservator, or other similar representative who has power under other law to transfer the security or financial asset.    (b)    An indorsement, instruction, or entitlement order is effective if:        (1)    It is made by the appropriate person;        (2)    It is made by a person who has power under the law of agency to transfer the security or financial asset on behalf of the appropriate person, including, in the case of an instruction or entitlement order, a person who has control under § 8-106(c)(2) or (d)(2) of this subtitle; or        (3)    The appropriate person has ratified it or is otherwise precluded from asserting its ineffectiveness.    (c)    An indorsement, instruction, or entitlement order made by a representative is effective even if:        (1)    The representative has failed to comply with a controlling instrument or with the law of the state having jurisdiction of the representative relationship, including any law requiring the representative to obtain court approval of the transaction; or        (2)    The representative's action in making the indorsement, instruction, or entitlement order or using the proceeds of the transaction is otherwise a breach of duty.    (d)    If a security is registered in the name of or specially indorsed to a person described as a representative, or if a securities account is maintained in the name of a person described as a representative, an indorsement, instruction, or entitlement order made by the person is effective even though the person is no longer serving in the described capacity.    (e)    Effectiveness of an indorsement, instruction, or entitlement order is determined as of the date the indorsement, instruction, or entitlement order is made, and an indorsement, instruction, or entitlement order does not become ineffective by reason of any later change of circumstances.
MD. Commercial Law Code Ann. §  8-109 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 1 - Short Title and General Matters|Section 8-109 - Warranties in Indirect Holding

    (a)    A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that:        (1)    The entitlement order is made by an appropriate person, or if the entitlement order is by an agent, the agent has actual authority to act on behalf of the appropriate person; and        (2)    There is no adverse claim to the security entitlement.    (b)    A person who delivers a security certificate to a securities intermediary for credit to a securities account or originates an instruction with respect to an uncertificated security directing that the uncertificated security be credited to a securities account makes to the securities intermediary the warranties specified in § 8-108(a) or (b) of this subtitle.    (c)    If a securities intermediary delivers a security certificate to its entitlement holder or causes its entitlement holder to be registered as the owner of an uncertificated security, the securities intermediary makes to the entitlement holder the warranties specified in § 8-108(a) or (b) of this subtitle.
MD. Commercial Law Code Ann. §  8-111 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 1 - Short Title and General Matters|Section 8-111 - Clearing Corporation Rules

    A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing corporation is effective even if the rule conflicts with this title and affects another party who does not consent to the rule.
MD. Commercial Law Code Ann. §  8-112 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 1 - Short Title and General Matters|Section 8-112 - Creditor's Legal Process

    (a)    The interest of a debtor in a certificated security may be reached by a creditor only by actual seizure of the security certificate by the officer making the attachment or levy, except as otherwise provided in subsection (d) of this section. However, a certificated security for which the certificate has been surrendered to the issuer may be reached by a creditor by legal process upon the issuer.    (b)    The interest of a debtor in an uncertificated security may be reached by a creditor only by legal process upon the issuer at the issuer’s chief executive office in the United States, except as otherwise provided in subsection (d) of this section.    (c)    The interest of a debtor in a security entitlement may be reached by a creditor only by legal process upon the securities intermediary with whom the debtor's securities account is maintained, except as otherwise provided in subsection (d) of this section.    (d)    The interest of a debtor in a certificated security for which the certificate is in the possession of a secured party, or in an uncertificated security registered in the name of a secured party, or a security entitlement maintained in the name of a secured party, may be reached by a creditor by legal process upon the secured party.    (e)    A creditor whose debtor is the owner of a certificated security, uncertificated security, or security entitlement is entitled to aid from a court of competent jurisdiction, by injunction or otherwise, in reaching the certificated security, uncertificated security, or security entitlement or in satisfying the claim by means allowed at law or in equity in regard to property that cannot readily be reached by other legal process.
MD. Commercial Law Code Ann. §  8-113 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 1 - Short Title and General Matters|Section 8-113 - Statute of Frauds Inapplicable

    A contract or modification of a contract for the sale or purchase of a security is enforceable whether or not there is a writing signed or record authenticated by a party against whom enforcement is sought, even if the contract or modification is not capable of performance within 1 year of its making.
MD. Commercial Law Code Ann. §  8-114 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 1 - Short Title and General Matters|Section 8-114 - Evidentiary Rules Concerning Certificated Securities

    The following rules apply in an action on a certificated security against the issuer:         (1)    Unless specifically denied in the pleadings, each signature on a security certificate or in a necessary indorsement is admitted.        (2)    If the effectiveness of a signature is put in issue, the burden of establishing effectiveness is on the party claiming under the signature, but the signature is presumed to be genuine or authorized.        (3)    If signatures on a security certificate are admitted or established, production of the certificate entitles a holder to recover on it unless the defendant establishes a defense or a defect going to the validity of the security.        (4)    If it is shown that a defense or defect exists, the plaintiff has the burden of establishing that the plaintiff or some person under whom the plaintiff claims is a person against whom the defense or defect cannot be asserted.
MD. Commercial Law Code Ann. §  8-115 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 1 - Short Title and General Matters|Section 8-115 - Securities Intermediary and Others Not Liable to Adverse Claimant

    A securities intermediary that has transferred a financial asset in accordance with an effective entitlement order, or a broker or other agent or bailee that has dealt with a financial asset at the direction of its customer or principal, is not liable to a person having an adverse claim to the financial asset, unless the securities intermediary, or broker or other agent or bailee:         (1)    Took the action after it had been served with an injunction, restraining order, or other legal process enjoining it from doing so, issued by a court of competent jurisdiction, and had a reasonable opportunity to act on the injunction, restraining order, or other legal process; or        (2)    Acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or        (3)    In the case of a security certificate that has been stolen, acted with notice of the adverse claim.
MD. Commercial Law Code Ann. §  8-116 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 1 - Short Title and General Matters|Section 8-116 - Securities Intermediary as Purchaser for Value

    (a)    A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of an entitlement holder is a purchaser for value of the financial asset.    (b)    A securities intermediary that acquires a security entitlement to a financial asset from another securities intermediary acquires the security entitlement for value if the securities intermediary acquiring the security entitlement establishes a security entitlement to the financial asset in favor of an entitlement holder.
MD. Commercial Law Code Ann. §  8-201 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 2 - Issue and Issuer|Section 8-201 - Issuer

    (a)    With respect to an obligation on or a defense to a security, an “issuer” includes a person that:        (1)    Places or authorizes the placing of its name on a security certificate, other than as authenticating trustee, registrar, transfer agent, or the like, to evidence a share, participation, or other interest in its property or in an enterprise, or to evidence its duty to perform an obligation represented by the certificate;        (2)    Creates a share, participation, or other interest in its property or in an enterprise, or undertakes an obligation, that is an uncertificated security;        (3)    Directly or indirectly creates a fractional interest in its rights or property, if the fractional interest is represented by a security certificate; or        (4)    Becomes responsible for, or in place of, another person described as an issuer in this section.    (b)    With respect to an obligation on or defense to a security, a guarantor is an issuer to the extent of its guaranty, whether or not its obligation is noted on a security certificate.    (c)    With respect to a registration of a transfer, issuer means a person on whose behalf transfer books are maintained.
MD. Commercial Law Code Ann. §  8-203 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 2 - Issue and Issuer|Section 8-203 - Staleness as Notice of Defects or Defense

    After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security is to be presented or surrendered for redemption or exchange, a purchaser is charged with notice of any defect in its issue or defense of the issuer, if the act or event:         (1)    Requires the payment of money, the delivery of a certificated security, the registration of transfer of an uncertificated security, or any of them on presentation or surrender of the security certificate, the money or security is available on the date set for payment or exchange, and the purchaser takes the security more than 1 year after that date; or        (2)    Is not covered by paragraph (1) of this section and the purchaser takes the security more than 2 years after the date set for surrender or presentation or the date on which performance became due.
MD. Commercial Law Code Ann. §  8-204 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 2 - Issue and Issuer|Section 8-204 - Effect of Issuer's Restrictions on Transfer

    A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person without knowledge of the restriction unless:         (1)    The security is certificated and the restriction is noted conspicuously on the security certificate; or        (2)    The security is uncertificated and the registered owner has been notified of the restriction.
MD. Commercial Law Code Ann. §  8-205 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 2 - Issue and Issuer|Section 8-205 - Effect of Unauthorized Signature on Security Certificate

    An unauthorized signature placed on a security certificate before or in the course of issue is ineffective, but the signature is effective in favor of a purchaser for value of the certificated security if the purchaser is without notice of the lack of authority and the signing has been done by:         (1)    An authenticating trustee, registrar, transfer agent, or other person entrusted by the issuer with the signing of the security certificate or of similar security certificates, or the immediate preparation for signing of any of them; or        (2)    An employee of the issuer, or of any of the persons listed in paragraph (1) of this section, entrusted with responsible handling of the security certificate.
MD. Commercial Law Code Ann. §  8-206 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 2 - Issue and Issuer|Section 8-206 - Completion or Alteration of Security Certificate

    (a)    If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in any other respect:        (1)    Any person may complete it by filling in the blanks as authorized; and        (2)    Even if the blanks are incorrectly filled in, the security certificate as completed is enforceable by a purchaser who took it for value and without notice of the incorrectness.    (b)    A complete security certificate that has been improperly altered, even if fraudulently, remains enforceable, but only according to its original terms.
MD. Commercial Law Code Ann. §  8-207 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 2 - Issue and Issuer|Section 8-207 - Rights of Issuer With Respect to Registered Owners

    (a)    Before due presentment for registration of transfer of a certificated security in registered form or of an instruction requesting registration of transfer of an uncertificated security, the issuer or indenture trustee may treat the registered owner as the person exclusively entitled to vote, receive notifications, and otherwise exercise all the rights and powers of an owner.    (b)    This title does not affect the liability of the registered owner of a security for a call, assessment, or the like.
MD. Commercial Law Code Ann. §  8-208 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 2 - Issue and Issuer|Section 8-208 - Effect of Signature of Authenticating Trustee, Registrar or Transfer Agent

    (a)    A person signing a security certificate as authenticating trustee, registrar, transfer agent, or the like, warrants to a purchaser for value of the certificated security, if the purchaser is without notice of a particular defect, that:        (1)    The certificate is genuine;        (2)    The person's own participation in the issue of the security is within the person's capacity and within the scope of the authority received by the person from the issuer; and        (3)    The person has reasonable grounds to believe that the certificated security is in the form and within the amount the issuer is authorized to issue.    (b)    Unless otherwise agreed, a person signing under subsection (a) of this section does not assume responsibility for the validity of the security in other respects.
MD. Commercial Law Code Ann. §  8-209 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 2 - Issue and Issuer|Section 8-209 - Issuer's Lien

    A lien in favor of an issuer upon a certificated security is valid against a purchaser only if the right of the issuer to the lien is noted conspicuously on the security certificate.
MD. Commercial Law Code Ann. §  8-210 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 2 - Issue and Issuer|Section 8-210 - Overissue

    (a)    In this section, “overissue” means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue does not occur if appropriate action has cured the overissue.    (b)    Except as otherwise provided in subsections (c) and (d) of this section, the provisions of this title which validate a security or compel its issue or reissue do not apply to the extent that validation, issue, or reissue would result in overissue.    (c)    If an identical security not constituting an overissue is reasonably available for purchase, a person entitled to issue or validation may compel the issuer to purchase the security and deliver it if certificated or register its transfer if uncertificated, against surrender of any security certificate the person holds.    (d)    If a security is not reasonably available for purchase, a person entitled to issue or validation may recover from the issuer the price the person or the last purchaser for value paid for it with interest from the date of the person's demand.
MD. Commercial Law Code Ann. §  8-301 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 3 - Transfer of Certificated and Uncertificated Securities|Section 8-301 - Delivery

    (a)    Delivery of a certificated security to a purchaser occurs when:        (1)    The purchaser acquires possession of the security certificate;        (2)    Another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of the purchaser or, having previously acquired possession of the certificate, acknowledges that it holds for the purchaser; or        (3)    A securities intermediary acting on behalf of the purchaser acquires possession of the security certificate, only if the certificate is in registered form and is (i) registered in the name of the purchaser, (ii) payable to the order of the purchaser, or (iii) specially indorsed to the purchaser by an effective indorsement and has not been indorsed to the securities intermediary or in blank.    (b)    Delivery of an uncertificated security to a purchaser occurs when:        (1)    The issuer registers the purchaser as the registered owner, upon original issue or registration of transfer; or        (2)    Another person, other than a securities intermediary, either becomes the registered owner of the uncertificated security on behalf of the purchaser or, having previously become the registered owner, acknowledges that it holds for the purchaser.
MD. Commercial Law Code Ann. §  8-302 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 3 - Transfer of Certificated and Uncertificated Securities|Section 8-302 - Rights of Purchaser

    (a)    Except as otherwise provided in subsections (b) and (c) of this section, a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer.    (b)    A purchaser of a limited interest acquires rights only to the extent of the interest purchased.    (c)    A purchaser of a certificated security who as a previous holder had notice of an adverse claim does not improve its position by taking from a protected purchaser.
MD. Commercial Law Code Ann. §  8-303 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 3 - Transfer of Certificated and Uncertificated Securities|Section 8-303 - Protected Purchaser

    (a)    “Protected purchaser” means a purchaser of a certificated or uncertificated security, or of an interest in a certificated or uncertificated security, who:        (1)    Gives value;        (2)    Does not have notice of any adverse claim to the security; and        (3)    Obtains control of the certificated or uncertificated security.    (b)    In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim.
MD. Commercial Law Code Ann. §  8-304 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 3 - Transfer of Certificated and Uncertificated Securities|Section 8-304 - Indorsement

    (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.    (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.    (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.    (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.    (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.    (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.
MD. Commercial Law Code Ann. §  8-305 (2021)
2021 Maryland Statutes|Commercial Law|Title 8 - Investment Securities|Subtitle 3 - Transfer of Certificated and Uncertificated Securities|Section 8-305 - Instruction

    (a)    If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly.    (b)    Unless otherwise agreed, a person initiating an instruction assumes only the obligations imposed by § 8-108 of this title and not an obligation that the security will be honored by the issuer.