Ester sells shares in Fast Food Franchise Company to Gaye. Ester does not hand the stock certificates to Gaye, but gives her the key to a safety-deposit box in Heartland Bank in which the certifi?cates are locked. Presenting the key is

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This is an example of constructive delivery, where the key to the safety-deposit box represents the shares in the company. It is considered to be equivalent to actual physical delivery of the stock certificates.

Ester Sells Shares in Fast Food Franchise Company to Gaye