{"data":{"id":"us-ky/krs-355.8-507","jurisdiction":"us-ky","citation":"KRS 355.8-507","heading":"Duty of securities intermediary to comply with entitlement order.","body":"(1) A securities intermediary shall comply with an entitlement order if the entitlement\norder is originated by the appropriate person, the securities intermediary has had\nreasonable opportunity to assure itself that the entitlement order is genuine and\nauthorized, and the securities intermediary has had reasonable opportunity to\ncomply with the entitlement order. A securities intermediary satisfies the duty if:\n(a) The securities intermediary acts with respect to the duty as agreed upon by the\nentitlement holder and the securities intermediary; or\n(b) In the absence of agreement, the securities intermediary exercises due care in\naccordance with reasonable commercial standards to comply with the\nentitlement order.\n(2) If a securities intermediary transfers a fina ncial asset pursuant to an ineffective\nentitlement order, the securities intermediary shall reestablish a security entitlement\nin favor of the person entitled to it, and pay or credit any payments or distributions\nthat the person did not receive as a resul t of the wrongful transfer. If the securities\nintermediary does not reestablish a security entitlement, the securities intermediary\nis liable to the entitlement holder for damages.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33723","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:47Z","sha256":"1afc02be02e0e65d708e234937c8cd701ef28085d2bd408f631c4b734dbe955a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.8-506","next":"us-ky/krs-355.8-508"},"notice":"GroundRules: Original legal text. Not legal advice."}