{"data":{"id":"us-va/va.-code-8.8a-505","jurisdiction":"us-va","citation":"Va. Code § 8.8A-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:(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or(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.(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.1996, c. 216.","path":["Title 8.8A. COMMERCIAL CODE — INVESTMENT SECURITIES","Part 5. SECURITY ENTITLEMENTS"],"source_url":"https://law.lis.virginia.gov/vacode/8.8A-505/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:13:24Z","sha256":"7ae935baaaa26049642a268dba3b92f48013aaaf7e67bad97e04f7b29d99678b","source_id":"us-va","stale":true,"prev":"us-va/va.-code-8.8a-504","next":"us-va/va.-code-8.8a-506"},"notice":"GroundRules: Original legal text. Not legal advice."}