{"data":{"id":"us-nj/n.j.-stat.-12a-8-505","jurisdiction":"us-nj","citation":"N.J. Stat. § 12A: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.\nb.  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.\nL.1997,c.252,s.1.","path":["TITLE 12A COMMERCIAL TRANSACTIONS"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"04a3628cfb25a28b3cd9414c87649acd8017fba8c43d1027fc36aa85a0f28a84","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-12a-8-504","next":"us-nj/n.j.-stat.-12a-8-506"},"notice":"GroundRules: Original legal text. Not legal advice."}