New York § 8-505 Duty of Securities Intermediary with respect to Payments and Distributions

New York Statutes

§ 8-505 — Duty of Securities Intermediary with respect to Payments and Distributions

New York § 8-505

Law UCCUniform Commercial Code

Part 5Security Entitlements

Art. 8Investment Securities

This text of New York § 8-505 (Duty of Securities Intermediary with respect to Payments and Distributions) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Uniform Commercial Code § 8-505 (2026).

Text

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

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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.\n