{"data":{"id":"us-wi/wis.-stat.-408.505","jurisdiction":"us-wi","citation":"Wis. Stat. § 408.505","heading":"Duty of securities intermediary with respect to payments and distributions.","body":"(1) 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(a) The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or\n(b) 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.\n(2) 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.","path":["Chs. 401-411, Uniform Commercial Code","Chapter 408 Uniform Commercial Code — Investment Securities","SUBCHAPTER V SECURITY ENTITLEMENTS"],"source_url":"https://docs.legis.wisconsin.gov/document/statutes/408.505","current_through":"2023-24 Wisconsin Statutes updated through 2025 Wis. Act 247 (published 9-4-26)","vintage":"","retrieved_at":"2026-09-05T12:01:22Z","sha256":"2a32ae3ae2018c8b427b7e0e9e5602f13baa789ae081daf0df6b4bbc4a08c50a","source_id":"us-wi","stale":false,"prev":"us-wi/wis.-stat.-408.504","next":"us-wi/wis.-stat.-408.506"},"notice":"GroundRules: Original legal text. Not legal advice."}