# Commercial Law (GCL)

## Title 8. Investment Securities

### Subtitle 1. Short Title and General Matters

#### Section 8-116

(a) A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of an entitlement holder is a purchaser for value of the financial asset.

(b) A securities intermediary that acquires a security entitlement to a financial asset from another securities intermediary acquires the security entitlement for value if the securities intermediary acquiring the security entitlement establishes a security entitlement to the financial asset in favor of an entitlement holder.

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