1. (a) 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.
2. (b) 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.
3. (c) This section and § 5-421 of the Courts and Judicial Proceedings Article do not impose any liability upon the corporation or its transfer agent.

Added by Acts 1974, c. 11, § 2, eff. July 1, 1974. Amended by Acts 1990, c. 546, § 3; Acts 1997, c. 14, § 20, eff. April 8, 1997.

Formerly Art. 37A, § 21.