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I have already asked a question about a dynamic multi threaded lock, and the reviewer found a problem.

Here is the description of the problem that I need to solve:

I need to create a structure to control dynamically created locks. For example, I have 100 threads running, and each thread will "process" a "key". Sometimes two threads could be processing the same "key", and if that occurs, a dynamic lock needs to be created and used by both, so only one thread can process the key at a time.

I rewrote my code again with a new idea, and I would like you to review it for possible bugs/leaks caused by multithreaded processing.

//Implementation of the class who will block to two process don't execute if they have the same key.
public class DynamicLockGenerator
{
 private static Dictionary<string, object> _locksByKeys = new Dictionary<string, object>();
 private static object _lock = new object();
 public static void ExecuteLock(string key, Action action)
 {
 try
 {
 bool isFree = true;
 do
 {
 lock (_lock)
 {
 if (!_locksByKeys.ContainsKey(key))
 _locksByKeys.Add(key, new GuidLock(Guid.NewGuid()));
 isFree = Monitor.TryEnter(_locksByKeys[key]);
 }
 if (!isFree)
 {
 Thread.Sleep(50);
 }
 } while (!isFree);
 action.Invoke();
 }
 catch (Exception ex)
 {
 throw ex;
 }
 finally
 {
 Monitor.Exit(_locksByKeys[key]);
 }
 }
}
//This is the method call.
DynamicLockGenerator.ExecuteLock(key, () => SomeMethodToExecuteAlone());