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§ 9-106. Control of investment property

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 9. Secured Transactions (Refs & Annos)
Subtitle 1. General Provisions (Refs & Annos)
MD Code, Commercial Law, § 9-106
§ 9-106. Control of investment property
(a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in § 8-106 of this article.
(b) A secured party has control of a commodity contract if:
(1) The secured party is the commodity intermediary with which the commodity contract is carried; or
(2) The commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.
(c) A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.

Credits

Added by Acts 1999, c. 282, § 2, eff. July 1, 2001.
MD Code, Commercial Law, § 9-106, MD COML § 9-106
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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