# Commercial Law (GCL)

## Title 8. Investment Securities

### Subtitle 2. Issue and Issuer

#### Section 8-209

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.

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