# Commercial Law (GCL)

## Title 8. Investment Securities

### Subtitle 5. Security Entitlements

#### Section 8-506

A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. 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 either places the entitlement holder in a position to exercise the rights directly or exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder.

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