# Commercial Law (GCL)

## Title 8. Investment Securities

### Subtitle 2. Issue and Issuer

#### Section 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.

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Md. Code Ann., Com. Law (as displayed at mgaleg.maryland.gov, October 16, 2026)