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Searching 2023-2024 Session

The Vermont Statutes Online

The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.

NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.

Title 9A : Uniform Commercial Code

Article 008 : Investment Securities

(Cite as: 9A V.S.A. § 8-505)
  • § 8—505. Duty of securities intermediary with respect to payments and distributions

    (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. (Added 1995, No. 92 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)