GroundRules
← Search the law
Ohio · Through 1998-01-01 (House Bill 170 - 122nd General Assembly)

Ohio Rev. Code § 1308.55: Duty of securities intermediary with respect to payments and distributions - UCC 8-505.

Read at publisher ↗
Where this section sits in the code
  1. Title 13 Commercial Transactions
  2. Chapter 1308 Investment Securities

(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.

Collected 2026-09-14T19:24:29Z. Source file · JSON

Browse this collection