California Statutes
§ 8505. — 8505. (Added by Stats. 1996, Ch. 497, Sec. 9.)
California § 8505.
JurisdictionCalifornia
Code COMCommercial Code - COM
Div. 8.DIVISION 8. INVESTMENT SECURITIES
Ch. 5.CHAPTER 5. Security Entitlements
This text of California § 8505. (8505. (Added by Stats. 1996, Ch. 497, Sec. 9.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Cal. Commercial Code - COM Code § 8505. (2026).
Text
(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 it does either of the following:
(1)The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary.
(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.
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Related
In Re County of Orange
219 B.R. 543 (C.D. California, 1997)
Legislative History
Added by Stats. 1996, Ch. 497, Sec. 9. Effective January 1, 1997.
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California § 8505., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/COM/8505..