{"data":{"id":"us-al/ala.-code-7-8-505","jurisdiction":"us-al","citation":"Ala. Code § 7-8-505","heading":"Duty of Securities Intermediary with Respect to Payments and Distributions.","body":"(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:\n(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or\n(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.\n(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.","path":["Title 7 Commercial Code.","Article 8 Investment Securities.","Part 5 Security Entitlements."],"source_url":"https://alison.legislature.state.al.us/code-of-alabama?section=7-8-505","current_through":"Act 2026-611","vintage":"","retrieved_at":"2026-09-03T14:01:52Z","sha256":"d7eef9ad3661f88b434090bb18d1122ea2f716bb496569950138b042395f9dd5","source_id":"us-al","stale":false,"prev":"us-al/ala.-code-7-8-504","next":"us-al/ala.-code-7-8-506"},"notice":"GroundRules: Original legal text. Not legal advice."}