# Commercial Law (GCL)

## Title 8. Investment Securities

### Subtitle 5. Security Entitlements

#### Section 8-505

(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.

---

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