§ 8-204
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/md/commercial-law/8-204A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§8–204.
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.