{"data":{"id":"us-ny/n.y.-uniform-commercial-code-law-8-505","jurisdiction":"us-ny","citation":"N.Y. Uniform Commercial Code Law § 8-505","heading":"Duty of Securities Intermediary with respect to Payments and Distributions","body":"Section 8--505. Duty of Securities Intermediary with respect to Payments\n                  and Distributions.\n  (a) A securities intermediary shall take action to obtain a payment or\ndistribution made by the issuer of a financial asset. A securities\nintermediary satisfies the duty if:\n       (1) the securities intermediary acts with respect to the duty as\n           agreed upon by the entitlement holder and the securities\n           intermediary; or\n       (2) in the absence of agreement, the securities intermediary\n           exercises due care in accordance with reasonable commercial\n           standards to attempt to obtain the payment or distribution.\n  (b) A securities intermediary is obligated to its entitlement holder\nfor a payment or distribution made by the issuer of a financial asset if\nthe payment or distribution is received by the securities intermediary.","path":["Uniform Commercial Code Law","Article 8. Investment Securities","Part 5. Security Entitlements"],"source_url":"https://legislation.nysenate.gov/api/3/laws/UCC/8-505","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:45Z","sha256":"ab49fcac5810bd8e600607d83a7cbee32c408dcf3b938cf41233637138aa8a67","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-uniform-commercial-code-law-8-504","next":"us-ny/n.y.-uniform-commercial-code-law-8-506"},"notice":"GroundRules: Original legal text. Not legal advice."}