{"data":{"id":"us-mi/mich.-comp.-laws-440.8505","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 440.8505","heading":"Obtaining payment or distribution made by issuer of financial asset; duties and obligations of securities intermediary.","body":"Sec. 8505.\n\nA securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. This duty is satisfied if the securities intermediary does either of the following:\n\nActs with respect to the duty as agreed upon by the entitlement holder and the securities intermediary.\n\nIn the absence of agreement, exercise due care in accordance with reasonable commercial standards to attempt to obtain the payment or distribution.\n\nA 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":["MI Code","Chapter 440","Act Act-174-of-1962"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-440-8505","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"845e98c40183ac7e1d2f84ca8b24ef19c5f1265aae30e4c7b0048006ee283bab","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-440.8504","next":"us-mi/mich.-comp.-laws-440.8506"},"notice":"GroundRules: Original legal text. Not legal advice."}