§ 8–505
Statutes in effect as of October 1, 2026.
Md. Code Ann., Com. Law § 8-505 (2026)
Title 8. Investment Securities
Subtitle 5. Security Entitlements
§ 8–505LinkCopy Citation
(a)
A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if:
(1)
The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or
(2)
In the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to attempt to obtain the payment or distribution.
(b)
A securities intermediary is obligated to its entitlement holder for a payment or distribution made by the issuer of a financial asset if the payment or distribution is received by the securities intermediary.