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§ 8-509. Satisfaction of the securities intermediary's duty

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 8. Investment Securities (Refs & Annos)
Subtitle 5. Security Entitlements (Refs & Annos)
MD Code, Commercial Law, § 8-509
§ 8-509. Satisfaction of the securities intermediary's duty
(a) If the substance of a duty imposed upon a securities intermediary by §§ 8-504 through 8-508 of this subtitle is the subject of other statute, regulation, or rule, compliance with that statute, regulation, or rule satisfies the duty.
(b) To the extent that specific standards for the performance of the duties of a securities intermediary or the exercise of the rights of an entitlement holder are not specified by other statute, regulation, or rule or by agreement between the securities intermediary and entitlement holder, the securities intermediary shall perform its duties and the entitlement holder shall exercise its rights in a commercially reasonable manner.
(c) The obligation of a securities intermediary to perform the duties imposed by §§ 8-504 through 8-508 of this subtitle is subject to:
(1) Rights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise; and
(2) Rights of the securities intermediary under other law, regulation, rule, or agreement to withhold performance of its duties as a result of unfulfilled obligations of the entitlement holder to the securities intermediary.
(d) Sections 8-504 through 8-508 of this subtitle do not require a securities intermediary to take any action that is prohibited by other statute, regulation, or rule.

Credits

Added by Acts 1996, c. 92, § 2, eff. Oct. 1, 1996.
MD Code, Commercial Law, § 8-509, MD COML § 8-509
Current through legislation effective through June 1, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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