Wyoming § 34.1-8-505 Duty of securities intermediary with respect
to payments and distributions

Wyoming Statutes

§ 34.1-8-505 — Duty of securities intermediary with respect to payments and distributions

Wyoming·Title 34.1 Uniform Commercial Code·Art. 8 INVESTMENT SECURITIES

(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:

(i)The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or

(ii)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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(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:
(i) The securities intermediary acts with respect to
the duty as agreed upon by the entitlement holder and the
securities intermediary; or
(ii) 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.

Wyoming § 34.1-8-505 (Duty of securities intermediary with respect to payments and distributions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.