Section 15-307 - Nonliability of third persons. - Maryland Statutes

§ 15-307. Nonliability of third persons.
 

(a)  Absence of actual knowledge of misuse of proceeds.- A person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary, including a person who guarantees the signature of the fiduciary, shall have the immunity from liability described under § 5-421 (b) of the Courts and Judicial Proceedings Article. 

(b)  Person who guaranteed signature of fiduciary.- If a corporation or transfer agent makes a transfer pursuant to an assignment by a fiduciary, a person who guaranteed the signature of the fiduciary shall have the immunity from liability described under § 5-421 (c) of the Courts and Judicial Proceedings Article. 

(c)  No liability imposed on corporation or transfer agent.- This section and § 5-421 of the Courts and Judicial Proceedings Article do not impose any liability upon the corporation or its transfer agent. 
 

[An. Code 1957, art. 37A, § 21; 1974, ch. 11, § 2; 1990, ch. 546, § 3; 1997, ch. 14, § 20.]