{"data":{"id":"us-il/810-ilcs-5-8-505","jurisdiction":"us-il","citation":"810 ILCS 5/8-505","heading":"","body":"Duty of securities intermediary with respect to payments and distributions.\n(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":["CHAPTER 810 COMMERCIAL CODE","Uniform Commercial Code."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=2301\u0026ChapterID=66\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:47Z","sha256":"cf9150c45e7bfafad765c930875bad6ab5bacddef9dd6e0babc8b73c8b1f4df9","source_id":"us-il","stale":false,"prev":"us-il/810-ilcs-5-8-504","next":"us-il/810-ilcs-5-8-506"},"notice":"GroundRules: Original legal text. Not legal advice."}